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The Government of Botswana and the directors of African Diamonds have reached an agreement on the terms of a Mining Licence to develop the AK06 diamond discovery in Orapa, Botswana. The licence was issued on 10 October 2008 for the duration of 15 years. Production is to commence by April 2011. In addition, there is no government equity in the project and a normal royalty of 10% is to be paid to government. A variable tax rate according to the 12th Schedule of the Botswana Income Tax Act shall be applied and output will be sold through the Diamond Trading Company in Botswana.
