Russian mining giant Nornickel said on Thursday, 18 November, it has settled its dispute with Botswana's government and BCL Group related to the sale of Nornickel's assets in Africa, including half of joint venture Nkomati to BCL.
Source: Evgenia Novozhenina/Reuters
In 2014, Nornickel and BCL entered into an agreement for the sale of Nornickel's African assets to BCL. BCL did not complete the transaction, and Nornickel filed law suits in 2016.
Nornickel, the world's largest palladium producer and a leading producer of refined nickel, received "an agreed cash compensation" as part of the settlement, and the parties waived claims against each other, the miner said in a statement.
It did not disclose the size of the compensation, but added that it withdrew its claim against BCL from a London court and would soon terminate its court proceedings in Botswana against its government.