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This case study quantifies the major physical and monetary trends in resource stocks for five major minerals in Botswana as well as provides estimates of the rent generated and the national mineral wealth and depletion. While Botswana has thus far successfully converted mineral rents to fiscal revenues and invested them in education, health care, and other forms of assets, the study finds that the peak of the economic contribution of minerals appears to have passed and the economic importance of minerals is likely to decline in future. It is, therefore, important to recognize that economic diversification and policy changes will be required in response to these changing circumstances.