Russia’s Norilsk Nickel once again ramped up the war of words against Botswana’s government after a high court ruling in that country that it could not pursue international arbitration to resolve a $277m impasse over a sale and purchase agreement with BCL, a state-funded nickel producer that is now in liquidation. In 2014, Norilsk struck two agreements with BCL, formerly known as Botswana Copper, to sell its 85% stake in Tati nickel mine and its 50% stake in SA’s Nkomati Nickel to the state-run nickel producer for $337m. The price was dropped to $277m. But neither BCL nor the government has paid Norilsk, which has transferred Tati to BCL but still holds on to its 50% stake in Nkomati, which it shares with JSE-listed African Rainbow Minerals. A $45m offer made in March by the Botswana government for Tati and an understanding that the Nkomati deal would be void, with no penalties or payments due to the Russian company, fell through, leaving the parties back where they started. It is u...
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