For decades, Botswana’s mining sector has been focused on diamond mining and, as a result, the legislative framework allows the government considerable discretion to negotiate terms with any party which makes a new discovery of diamonds in the country. This amounts to something of a roll of the dice. Successful negotiations and commercially rewarding arrangements have certainly proved possible, and agreements of this nature may be useful in mitigating risk as regards other areas of the legal framework. However, the outcome of negotiations cannot be assured and failure to reach an agreement will result in the loss of a discovery. For those pursuing opportunities in other minerals, the risk profile is broadly similar – given the ‘critical risk’ aspects of the law arise mainly in relation to security of tenure and the obtainment of mining rights. However, given the absence of need (or opportunity) to negotiate a separate agreement, the terms of development, including fiscal requirements, are at least known in advance of investment.