Bogolo Kenewendo

The Minister explicitly stated, "We are really stimulating for expansions and increased production in copper... looking a lot more into exploration around the Kalahari copper belt." Botswana is a top-tier mining jurisdiction. The government's active de-risking of exploration and regulatory support for the Kalahari Copper Belt will likely attract major miners and benefit existing copper plays in the region. As diamond revenue fades, copper is the designated replacement engine. Long exposure to copper miners, particularly those with African footprint potential, as Botswana opens the regulatory floodgates. Global recession dampening industrial metal demand; delays in Botswana's infrastructure (power/water) upgrades.