Botched Russian deal forced BCL�s closure

As part of the 2014 deal, BCL entered into a binding agreement to buy the stake in Nkomati from Norilsk Nickel Africa pending regulatory approvals in South Africa. BCL Mine entered into the deal as part of its Polaris II strategy to invest into alternative sources of ore, in light of the declining grades and reserves in Selebi-Phikwe.

In August 2016, South Africa’s Department of Minerals gave its final approval and the Russians, in line with the binding agreement, moved in to collect.