Local court to decide Norilsk claim on BCL
Russia’s largest mining company in mineral rights dispute with Botswana group and liquidation leader
The success of Norilsk Nickel’s $277m claim against Botswana’s BCL miner and refiner, which is in liquidation, will be decided in an SA court that must find on the merits of a mining right awarded to BCL. In an acrimonious dispute in which Norilsk Nickel, Russia’s largest mining company and a leading source of palladium, has tried to shred the reputation of Botswana as Africa’s most highly regarded mining destination, there has been a standoff between the Russian company and Nigel Warren-Dixon of KPMG Botswana, who is leading the BCL liquidation. In 2014 Norilsk struck deals with BCL to sell its 85% stake in Tati nickel mine in Botswana and its 50% stake in SA’s Nkomati Nickel to the state-run nickel producer for $337m. The price was later dropped to $277m. Norilsk is chaired by Gareth Penny, the former CEO of De Beers, who knows the SA regulatory environment well. Norilsk suffered a setback when the Botswana High Court ruled that it had overstepped the mark by starting an internati...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.