Fueling Sovereignty, Empowering Botswana
August 17, 2026Growth with Purpose Finance with Impact
August 17, 2026
As the steward of Botswana’s most valuable sector, Mr. Matome Tsholetsa Malema occupies a unique seat at the intersection of strategy, national responsibility, and long-term value creation. In this conversation, we explore the vision, discipline, and future-facing mandate of MDCB under his leadership — and the role it plays in shaping a new kind of Botswana.
This is not just a discussion about minerals. It’s a conversation about national purpose.
MDCB plays a critical role in Botswana’s economic future. What is your vision for the company — and how does it align with the country’s broader national development agenda?
My vision for MDCB is clear; to position the company as the Republic of Botswana’s sovereign investment engine in the minerals sector — a catalyst for long-term economic transformation, resilience, and national prosperity. We are not merely managing mineral assets; we are stewarding a national legacy. This legacy is captured in our purpose of building a sustainable Botswana for future generations, our vision to become a globally competitive mining and minerals investment company, contributing to Botswana’s financial security by 2028 and our corporate ambition of growing our portfolio book value to USD 1 billion by 2030. This ambition is anchored on a solid strategy, underpinned by a focussed investment framework, supported by a solid asset management framework, and operationalised by a robust and evolving business plan.
We are building a high-performance, well-resourced investment institution that is committed to partnerships, agile in execution and, focussed and grounded in national priorities. Our mission is to generate attractive returns as an active, innovative and responsible investor.
“Building a sustainable Botswana for future generations, our vision to become a globally competitive mining and minerals investment company.”
Our strategy aligns with Botswana’s broader economic diversification agenda — ensuring that minerals become the bedrock for broader economic diversification. This means investing not only in extraction, but in beneficiation, processing, and value-added industries that strengthen our domestic capabilities, creating an ecosystem anchored in the important objective of ensuring that mineral wealth benefits every Motswana within the industry and beyond.
We are building a future-ready institution: strategically agile, commercially disciplined, and globally competitive. Our aspiration is that MDCB must become a vehicle through which Botswana asserts economic sovereignty, attracts affordable and purposeful capital, and leads in the transition to a green and digital economy, while acting locally with a particular focus on the unique developmental challenges of a developing economy. Our approach is holistic — we pursue high financial returns, but never at the expense of national interest or socio-economic impact.
In essence, we are positioning MDCB as the heartbeat of Botswana’s new economic architecture, transforming geology into generational legacy, where every Motswana shares in the promise of our natural wealth. This is the core of our purpose: building a sustainable Botswana for future generations.
Botswana has long been respected globally for its prudent and ethical management of mineral wealth. How are you building on that legacy, especially as the global resource economy undergoes rapid and complex transformation?
Botswana has consistently demonstrated that resource wealth, when managed ethically and strategically, can be a foundation for stability and growth. At MDCB, we are committed to advancing this legacy by championing sustainable resource management and unlocking value creation. However, we want to go further by ensuring that we, as Batswana, own the narrative and ensure that it is us who determine our future. We cannot afford to be passive observers reacting to external pressures and shifting global interests. We must act and be responsive to our priorities as a developing nation while at the same time being conscious of the global context.
We are transforming the way the state participates in the mining economy — not simply as a shareholder but as an active investor with a clear mandate to grow, optimise and diversify the mining and minerals portfolio. This means building internal institutional capacity, by attracting top talent, forging strategic partnerships, building organisational resilience, growing a diversified asset base and generating attractive returns.
In a world where mining is increasingly shaped by geopolitics, climate change, and technological disruption, we are positioning Botswana as a trusted, ethical, and forward-looking mining investment destination. We are also championing transparency, accountability, and partnerships that deliver shared value for communities, investors, and the nation alike. This is how we safeguard our legacy while building something even greater for the future.
As the world shifts toward energy transition and strategic minerals, MDCB sits at the centre of a major opportunity. How are you positioning Botswana — and the company — to remain relevant, competitive, and catalytic?
As the world accelerates toward a low-carbon future, the global energy transition has ushered in a new era — one where strategic minerals such as copper, lithium, manganese, rare earths, iron ore, soda ash and even coal (in clean technology applications) are vital to global sustainability. Botswana is well positioned, both geologically and geographically, to play a significant role in this transformation — and at MDCB, our response is, purposeful, deliberate, measured, informed and of noble note, sensitive to our priorities as a developing nation.
Our strategy is anchored in building a high-performing, self-sustaining investment institution that allocates capital where it delivers the greatest national impact. We are actively diversifying our portfolio to prioritise near-term, high-return, low cost and scalable opportunities — ensuring that Botswana secures its rightful place in the global critical minerals value chain.
In this regard, in 2023 we completed a critical minerals study which showed that Botswana holds an in-situ value of circa BWP 2 trillion of critical and strategic minerals. This has enabled us to identify high-potential projects and outline an investment pipeline, roadmap and the investment conditions needed to unlock this value. We are not stopping at extraction.
“No diamond will leave this country raw – all will be
cut and polished here…
We are moving to a point where no diamond, copper,
or any mineral resource of this country will be exported without local value addition.”— President of the Republic of Botswana Advocate Duma Gideon Boko (translated)
We are forging international partnerships that bring capital, expertise, and market access, ensuring that Botswana becomes a producer of critical green economy inputs, and not an exporter of raw materials. We do not aspire merely to remain relevant. We intend to be catalytic — shaping markets, influencing standards, and positioning Botswana as a central node in Africa’s contribution to the global energy transition. MDCB is not just a custodian of state assets — we are a strategic investor, intentionally building long-term national resilience, competitiveness, and economic sovereignty.
Transformation is often spoken about in policy terms — but it also lives in practice. What does transformation mean to you when it comes to inclusive growth, citizen participation, and youth opportunity in the mining ecosystem?
Transformation means that when we look at the mining ecosystem in 10 or 15 years, and compare it to today, it will reflect the full demographic and aspirational diversity of our nation. That is what we are building — with deliberate policy, practical action, and unwavering resolve. In this regard we are not a passive financial investor but an active strategic investor with a long-term investment focus.
“The rights of men are not depended upon the generosity of the state, but upon the hand of God. Ask not what your country can do for you, but what you can do for your country.”
— John F. Kennedy
Transformation is not an abstract concept or a distant ideal. It is the daily commitment to ensure that every gram of mineral wealth translates into tangible, inclusive, and equitable human development until there is a major and impactful change from the status quo. Our contribution to the socio-economic development of this country recognises that the minerals sector is not just about the generation of profits, but a pathway to opportunity, dignity, and pride. Our commitment to the relentless pursuit of the twin goals of profit and social impact recognises this very important ideal.
We have institutionalised citizen economic empowerment into our business models — ensuring local procurement, enterprise development, and meaningful, equitable participation for Batswana. We are also investing in capacity-building initiatives to ensure our people are not just employed, but are enabled and unleashed to lead, innovate, and own. Youth empowerment is especially critical. We have fully embraced citizen economic empowerment in our procurement, which, among others, allows youths to access tenders at discounted prices and extends price preferences during the financial evaluation of tenders. The mining sector of the future will require new skills: data science, artificial intelligence, automation, energy systems, and ESG expertise.
Global capital today demands more than profitability — it seeks purpose, transparency, and sustainability. How is MDCB integrating environmental responsibility and ESG principles into its long-term business and operational identity?
In today’s investment climate, ESG is no longer an option — it is a prerequisite for relevance and resilience.
Environmental, Social, and Governance (ESG) factors have emerged as crucial determinants of organisational success and sustainability. Companies across industries are recognising the significance of these factors in shaping their operations, reputation, and long-term viability. MDCB recognises that it is not the exception, as it strives to fulfil its mandate of managing and growing the GRB’s asset portfolio and catalysing strategic investment.
Acknowledging the growing importance of ESG considerations, MDCB has taken proactive measures to prioritise the integration of ESG factors into its organisational design. Our ESG strategy focuses on three pillars: portfolio growth and diversification, responsible investing and active stewardship.
Portfolio growth and diversification: MDCB acknowledges the imperative to proactively reshape its portfolio composition. Guided by an unwavering commitment to sustainability, the MDCB is steering its portfolio towards greater resilience and future preparedness. We will diversify our investments into commodities that drive the low-carbon economy. This deliberate shift also seamlessly incorporates ESG into our core strategies, aligning our investments with sustainable practices and future market demands.
Responsible investing: MDCB is dedicated to embedding ESG factors into its investment decision-making processes. By methodically integrating ESG considerations, MDCB enhances its ability to evaluate investment opportunities from a holistic perspective that extends beyond traditional financial metrics. Considering the broader universe of business risk, this inclusive approach focusses on environmental implications, social dynamics, and governance practices.
Active Stewardship: Our commitment goes beyond passive observation; it entails actively shaping the organisations in which we invest. Our methodology centres on cultivating an environment characterised by ethical conduct, responsible environmental stewardship, and heightened sensitivity to societal concerns. This, in turn, fosters a culture of sustainability and responsibility.
By doing this, we are positioning MDCB as a partner of choice for global capital — one that delivers strong returns while contributing to the global good. We see ESG not as a constraint, but as a source of strategic advantage and national reputation.
You lead an institution with both commercial ambition and sovereign accountability. How do you personally balance the discipline of business with the weight of national legacy in your leadership?
This is a unique and humbling leadership space, where the expectations of the market meet the aspirations of the nation. My responsibility is to ensure that MDCB is both commercially competitive and deeply patriotic in its conduct. That balance is essential.
On one hand, I must lead a business — which requires rigour, discipline, and sustainable results. We must, therefore, be profitable, efficient, and agile in a highly competitive global industry. On the other hand, I am constantly aware that MDCB holds a public mandate — we represent, the vision of policymakers, the hopes of citizens and the stewardship of intergenerational wealth.
I balance this by grounding every decision in purpose. I ask: Does this build long-term national value? Does it empower citizens? Does it honour our legacy and prepare us for the future? In response, I lean on a diverse and capable team that shares this tripartite consciousness of performance, perseverance and passion.
Leadership at this level is not a matter of choice between competing priorities; it is about integrating growth with integrity, aligning ambition with accountability and ensuring that profitability goes hand in hand with purpose and principle.
Furthermore, leadership at this level is not and should never be about me. It is not about 100-day plans. Neither is it about selfgratification in the short term. It is about creating a legacy beyond my tenure as CEO and setting in motion the necessary and hopefully sufficient conditions for many successors to thrive in the future – not for myself, not for themselves, but for Botswana and Batswana.
When you envision Botswana in 2040, what role do you hope MDCB will have played — not just in economic development, but in shaping national identity, pride, and prosperity?
In 2040, I hope that MDCB will be seen as the cornerstone of Botswana’s transformation — a national institution that helped move the country from mineral extraction to mineral-led industrialisation, from lethargy to agility and from dependence to true economic sovereignty.
“What counts in life is not the mere fact that we have lived. It is what difference we have made to the lives of others that will determine the significance of the life we lead.”
— Nelson Mandela
But beyond this, MDCB should be remembered as a builder of national confidence. A company that showed Botswana could own its narrative, shape its destiny, and compete on global terms without fear or favour, ill-will or affection. A company whose culture and mindset are shaped by its people who are steeped in the belief that Botswana comes first above any other consideration.
I hope we will have contributed to a more diversified economy, a more skilled and empowered citizenry, and a more sustainable environment. I want us to have mentored young leaders, empowered communities, and inspired a new generation to believe in the power of strategic statecraft.
I want MDCB to have helped turn Botswana’s mineral endowment into a broader national endowment — of knowledge, prosperity, equity, and pride. That is the role we strive to play; and that is the sustainable Botswana we are helping to build for future generations. For us to achieve this, we must break away from old and archaic ways of doings things. I strongly and sincerely believe that our ability to scale this challenge of change is not lost upon us.
“If we don’t change, we will become so irrelevant that our irrelevance will become very relevant.”
— Matome Tsholetsa Malema (MTM)