Russia’s Norilsk Nickel, the world’s largest producer of palladium and high-grade nickel, today announced the settlement of its dispute with the Government of Botswana and BCL Group arising from the transaction for the sale of Nornickel’s assets in Africa, including a 50% interest in JV Nkomati, to BCL Group.
According to the company’s statement, as part of the settlement, the parties have waived any and all claims against each other in connection with the transaction and Nornickel has received an agreed cash compensation.
As a result, Nornickel said it has withdrawn its claim against BCL Group in the London Court of International Arbitration and is in the process of terminating its court proceedings in Botswana against the Government.
“The settlement brings this matter to a close as per the agreement of the relevant parties,” Nornickel added.
Norilsk Nickel is a diversified mining and metallurgical company, the world’s largest producer of palladium and high-grade nickel and a major producer of platinum and copper. The company also produces cobalt, rhodium, silver, gold, iridium, ruthenium, selenium, tellurium, sulphur, and other products.