Russian mining company Norilsk Nickel (Nornickel) has settled its dispute with the government of Botswana and BCL over the sale of its African assets, including a 50% interest in the Nkomati joint venture.
As part of the settlement, the parties have waived any and all claims against each other in connection with the transaction. Nornickel said it had received a cash compensation, without disclosing the amount.
The Russian group has withdrawn its claim against BCL in the London Court of International Arbitration (LCIA) and is in the process of terminating its court proceedings in Botswana against the government.
In October 2014, Nornickel signed a sale agreement with BCL for the sale of its interests in the Nkomati and Tati mines. The agreement became unconditional in 2016, but BCL did not complete the transaction.
In October 2016, the government of Botswana, which is the ultimate shareholder of BCL, successfully petitioned the High Court of Botswana to place BCL Group into provisional liquidation.
Nornickel subsequently filed a claim against BCL in the LCIA and a claim against the government in the High Court of Botswana, claiming that government was liable for BCL's debts to Nornickel.
In 2018, Nornickel terminated the sale agreement in light of BCL's breach of contract, but continued its claims against the government of Botswana and BCL.