Botswana has paid Norilsk Nickel $45 million to settle a dispute after its state-run mining company pulled out of buying a stake in a South African mine from the Russian firm, the minerals minister said on Friday. Botswana’s state-run BCL Mine pulled out of a 3 billion pula ($281 million) deal in October 2016 to buy a 50 percent stake in Nkomati Nickel Mine from Norilsk due to a lack of funds, prompting the Russian firm to file a legal claim.
Minster of Minerals Sadique Kebonang confirmed the settlement to Reuters and said the payment was approved through a presidential directive on Jan. 24.
Norilsk Nickel declined to comment.
Writing by Joe Brock; Editing by Ed Cropley (Reuters)