Norilsk Nickel ends agreements with Botswana’s BCL
Nornickel will still seek damages from BCL for the ‘significant loss it has suffered as a result of BCL’s failure to honour its obligations’
Russia’s Norilsk Nickel (Nornickel) terminated its agreement for the sale of its African investments with Botswana’s BCL, the mining and refining company that is in a liquidation process, but will continue legal processes for financial claims against the state. Nornickel, the world’s largest nickel and palladium producer, said on Tuesday it had “terminated an agreement signed in 2014 relating to the sale of its African assets to the Botswana government entity BCL”. This means BCL is released from its obligations to buy Nornickel's 50% stake in SA’s Nkomati Nickel shared with JSE-listed African Rainbow Minerals, and its assets in Botswana. “Instead, we will continue to seek damages from BCL for the significant loss Nornickel has suffered as a result of BCL’s failure to honour its obligations,” said Michael Marriott, Nornickel Africa’s CEO. “We will also continue our claim against the Government of Botswana in respect of its involvement in the reckless trading of BCL,” he said, adding...
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