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Minister confirms Bostwana's US$45M settlement with Norilsk Nickel

Botswana's minerals minister, Sadique Kebonang, confirmed the government paid PJSC Norilsk Nickel Co. US$45 million to settle a dispute over a botched asset sale, Reuters reported March 9.

State-owned BCL Mine in October 2016 backed out of a deal to acquire Norilsk Nickel's 50% stake in the Nkomati nickel mine in South Africa due to lack of funds. This prompted Norilsk Nickel to proceed with a lawsuit, initially seeking to recover US$271 million plus damages from Botswana's state-owned miner.

According to the minister, the settlement payment was approved through a Jan. 24 presidential directive.