GABORONE – Botswana aims to resolve a dispute with Norilsk Nickel (Nornickel) next month over a failed deal in which the country's BCL Mine was to buy the Russian firm's 50% stake in the Nkomati mine.
"Due diligence and valuation exercises are being carried out to establish the value of the Nkomati assets as a basis for negotiating a commercially acceptable solution to the parties involved," Botswana's Mineral Resources Minister Sadique Kebonang said on Tuesday.
Nornickel is suing Botswana for $271-million over the failed deal to sell the Nkomati Mine in South Africa, which is the Russian company's last African asset.
The due diligence and valuation is expected to conclude by August 15, and negotiations with the Russian group will follow thereafter, Sadique said.
"Nornickel welcomes the Botswana government's intention to solve the question of the Nkomati purchase and hopes for a quick settlement of the situation," the company said in an emailed statement to Reuters after the minister's comments.
These days, after the EIH carryings on, I take anything from Min Kebonang with a bit of a question mark.
Have a nice day all.
BML Price at posting:
0.1¢ Sentiment: Buy Disclosure: Held
