News

Botswana settles a dispute with Norilsk Nickel by paying $45 million

  • Comments   -   Friday, 09 March 2018 - 15:46

(Ecofin Agency) - Botswana paid $45 million to the Russian company Norilsk Nickel to settle a disagreement concerning the cancellation of Nkomati mine transaction by the state-owned company BCL.

 The information was confirmed today March 9, to Reuters, by the country’s mines minister Sadique Kebonang (photo), who said that the payment was approved by a presidential directive on Jan. 24, 2018. 

For the record, in October 2016, BCL reconsidered its decision to acquire 50% of the South African Nkomati mine, a deal it had concluded with the giant Russian company since 2014. It explained that because of severe financial difficulties, it could no longer “afford to pay the transaction cost” valued at $279 million. Because of this decision, Norilsk sued BCL and Botswana, requiring $271 million as compensation.

 For the record, Nkomati mine, located in Mpumalanga province, is the only primary nickel producer in South Africa with 241 Mt of measured and indicated resources at an average grade of 0.35% nickel and 0.14% copper.


APPP2018 480x110 ENG

At the end of 2017, there were 148,000 wealthy individuals with a...
Read more |  19 September 2018
Public Management
19 September 2018
morocco-trade-deficit-grew-by-10-1-in-jan-aug-2018
In Morocco, the trade deficit worsened by 10.1% in the first eight...
Read more |  19 September 2018
In Egypt, the trade deficit reached $3.62 billion by June 2018, representing a...
Read more |  19 September 2018
Zimbabwe will disburse a $64 million urgency plan to manage the new cholera...
Read more |  19 September 2018
Barrick Gold is looking for Chinese partners to help develop its “struggling”...
Read more |  18 September 2018
Morocco will issue Islamic bonds (sukuks) during the first week of October...
Read more |  18 September 2018

Copyright Agence Ecofin © 2018. All Rights Reserved.