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Nornickel to pay $18m to drop its stake in nickel JV in South Africa
Russia’s Nornickel will pay $18 million to pass its 50% stake in Nkomati nickel mine in South Africa to its partner African Rainbow Minerals (ARM), ARM said on Friday, ending years of Nornickel’s attempts to exit Africa.
Nickel prices in London are heading for a 46% fall this year, the largest slump since the financial crisis in 2008, due to rising production in Indonesia and a build-up of bets on even lower prices.
“With this agreement Nornickel underscores its commitment to developing its unique resource base and Tier-1 assets portfolio in Russia as well as its long-term strategy to exit non-Tier-1 assets,” the Russian miner said in a statement.
The deal is expected to close in 2024.
ARM will buy the stake for 1 million rand ($54,440) but will also take over the environmental liabilities of the Nkomati mine – together with the share of Nornickel’s subsidiary – with a 325 million rand ($18 million) contribution from the subsidiary, ARM said.
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- [Editor:邢亞敏]
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