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Norilsk to defend interests in Nkomati JV stake sale after BCL liquidation

PJSC MMC Norilsk Nickel has vowed to defend its interests in the sale of its 50% stake in the Nkomati nickel joint venture in South Africa to Botswana-based BCL Ltd., according to an Oct. 10 news release.

This comes recently after the government of Botswana applied to the high court to place its copper and nickel producer, BCL Mine Ltd., under provisional liquidation due to nonprofitability.

In 2014, Norilsk agreed to sell its 50% interest in the Nkomati project and an 85% stake in Tati Nickel Mining Co. Pty. Ltd. to BCL for US$337 million in cash.

Despite giving BCL additional time to close the deal, Norilsk said the buyer "made no effort to fulfill its obligations."

The deal was approved by South Africa's Department of Mineral Resources in September.

The Nkomati mine in South Africa is jointly owned by Norilsk and African Rainbow Minerals Ltd.