The Ministry of Tourism said in a statement that Michael Lee Potter and Kevin Sharp have voluntarily surrendered their professional hunting licenses to the Department of Wildlife and National Parks following the incident in which they shot and killed an elephant that was being used for research purposes.
"After engaging the relevant authorities, it was resolved that the period of the surrender of Mr Potter’s license is indefinite while Mr Sharp’s license will be surrendered for a period of three years with immediate effect," the ministry said.
In addition, the two hunters will replace the destroyed collar.
"We wish to re-assure the public that the ministry will work with the hunting industry to ensure that the necessary ethical standards are upheld at all times," it said.
The hunters are alleged to have shot the bull which was apparently used for research after they claimed that it had attempted to charge at them.
The incident has been condemned by both local and international conservationists.
Botswana lifted a 2014 hunting ban this year and issued some local hunters with hunting licenses while plans are at an advanced stage to issue the same to foreign hunters.