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Norilsk Nickel, BCL Group settle dispute over nixed sale of African assets

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Norilsk Nickel, BCL Group settle dispute over nixed sale of African assets

PJSC MMC Norilsk Nickel reached a settlement with the government of Botswana and BCL Group over a dispute related to the sale of its African assets.

Norilsk Nickel said Nov. 18 that it received an unspecified amount of cash as compensation. The Russian miner also withdrew its claims against BCL Group in the London Court of International Arbitration and is terminating court proceedings against the Botswana government.

The nixed sale included a 50% stake in the Nkomati nickel mine in South Africa and an 85% interest in Tati Nickel Mining Co. Pty. Ltd. Norilsk Nickel terminated the agreement in 2018 and sought to recover about $277 million from BCL Group after the latter backed out of the 2014 deal.