Botswana Establishes State-Owned Exploration Company, Mashabila Named Interim CEO

Botswana Establishes State-Owned Exploration Company, Mashabila Named Interim CEO. The Government of Botswana, through the Ministry of Minerals and Energy, has announced the establishment of the Exploration Investment Company Botswana (EICB), a new state-owned entity designed to transform the country’s mineral exploration sector.

The EICB was conceptualised under Minerals Development Company Botswana’s (MDCB) Project Thobo, alongside two other entities: the Mineral Investment Company Botswana (MICB) and Khumo Minerals Botswana (KMB). Speaking during the Ministry’s Committee of Supply session in Parliament, Minister Bogolo Kenewendo confirmed that strategic planning for the three entities has been completed, laying the groundwork for operational readiness.

Kenewendo explained that the planning phase focused on developing strategic frameworks for each entity, which will now evolve into actionable business models. These models will define revenue and funding structures, governance mechanisms, and partnership pathways, ensuring alignment with Botswana’s long-term mineral investment goals.

As part of the operationalisation process, the Ministry has transferred responsibility for EICB to the Botswana Geoscience Institute (BGI). In line with this decision, BGI Chief Executive Officer Cisco Mashabila has been appointed as Interim CEO of EICB, while MDCB continues to provide facilitation support.

Kenewendo highlighted the importance of the new company during her engagements at the Mining Indaba in Cape Town, noting that EICB is intended to address a long-standing funding gap in mineral exploration. She added that the entity will be open to public-private partnerships, citing Debswana as a successful model that could be replicated across other mineral commodities.

Mashabila, a seasoned mineral resource development expert, brings extensive experience from his tenure at Debswana Mining Company, as well as previous roles at BCL and Tati Nickel Mining. His appointment is expected to provide strong leadership during the transition phase.

The government has reaffirmed its commitment to developing copper and other critical minerals, positioning EICB as a cornerstone of Botswana’s mineral sector transformation.