Norilsk demands Botswana firm honours asset deal
Government-owned mining and smelting company BCL accused of reneging after agreeing to pay $271m for South African and Botswana assets of Russian concern
Resources Norilsk Nickel will not back down on its demand that BCL Ltd, the Botswana government-owned nickel mining and smelting company in provisional liquidation, pay it $271m to honour a deal struck to buy Botswana and South African assets belonging to the Russian company. In what has become an increasingly unpleasant and complicated transaction, Norilsk Nickel Africa CEO Michael Marriott said while there were hopes that the matter could be resolved through channels outside the courts, including possible government-to-government engagement, the world’s largest nickel and palladium miner would not retreat from its demand that BCL and its backer, the Botswana government honour the terms of the $337m deal struck in October 2014. The purchase price for Norilsk’s 85% stake in Tati Nickel in Botswana and its 50% stake in Nkomati Nickel mine in SA was reduced by $60m a year later because of weak nickel prices. Norilsk has launched legal action in Botswana and has opened a case against B...
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