Botswana signs energy and mineral exploration deals with Oman

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Botswana’s president has clinched multiple ​agreements with Oman, including on mineral exploration, oil storage infrastructure and renewable ‌power, during a visit to the Gulf nation designed to strengthen economic ties, the presidency said on Monday.Botswana has been seeking to engage Gulf states as part of its strategy to diversify beyond ​diamond mining and into critical minerals such as copper, gold, graphite, and ​iron ore.President Duma Boko, who is on a three-day visit, presided over ⁠the signing of deals with the Sultan of Oman, Haitham bin Tariq, the ​presidency said.They included a joint mineral exploration deal under which Botswana will seek to increase mining ​exploration, targeting unexplored areas covering roughly 70% of its territory.Revenue from diamond sales, which typically account for about a third of Botswana’s national revenue, has fallen as the global diamond market has been ​weakened by economic uncertainty and the rise in popularity of lab-grown stones.SOLAR POWER ​PLANT WITH MINIMUM 25-YEAR LIFEAnother deal was for the development of a 500-megawatt solar power plant that ‌follows ⁠on from an announcement on March 20 that NAQAA Sustainable Energy LLC, a subsidiary of Oman’s state-owned O-Green, had been selected to design, finance, construct, and operate the plant in northwest Botswana.It will have a minimum operational life of 25 years as Botswana ​seeks to increase ​the contribution of renewable ⁠energy in its power supply from 8% now to 50% by 2030.The presidency’s statement said the plant would position Botswana “to secure ​its energy future and unlock long-term economic value”.It did not provide ​any financial ⁠details.State-owned Botswana Oil Limited also signed a joint development agreement with Oman’s energy investment company, OQ S.A.O.C to build oil storage infrastructure in Walvis Bay, Namibia, and in Botswana.Oman ⁠is also ​trying to diversify its economy, which is dependent ​on oil, although its revenues have increased as a result of the oil price surge linked to the Middle Eastern ​conflict that began at the end of February.