Gov’t seeks compromise deal with Russians

Kebonang says negotiations with Norilsk start after August
Kebonang says negotiations with Norilsk start after August

Government is currently conducting an exercise to ascertain the value of Nkomati Mine in South Africa with a view to negotiate a compromise deal with Norilsk Nickel and stave off a $272 million (P2.8 billion) lawsuit.

Norilsk Nickel has sued  the government over a failed deal in which  BCL Mine was to buy the Russian company’s 50% stake in the Nkomati Mine.

The Mineral Resources, Green Technology and Energy security Minister Sadique Kebonang told Parliament on Monday  that government has initiated action to solve the Nkomati Share Purchase Agreement (SPA)  issue amicably. “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,” he said.

Editor's Comment
Doctor's orders can't be overemphasised

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