Norilsk Nickel ready for BCL in London
Friday, May 31, 2019
Since BCL’s closure in October 2016, Norilsk Nickel has fought for $271 million it claims the Selebi-Phikwe miner owes under a 2014 deal involving the purchase of Tati Nickel and Nkomati, a nickel mine in Mpumalanga, South Africa.
Early last year, government had offered to settle with the Russians for P522 million, but BCL’s liquidator scuppered the deal arguing that the validity of the 2014 contract was as yet unproven.
Whilst celebrating milestones in inclusivity, with notably P5 billion awarded to vulnerable groups, the report sounds a 'siren' on a dangerous and growing trend: the ballooning use of micro-procurement. That this method, designed for small-scale, efficient purchases, now accounts for a staggering 25% (P8 billion) of total procurement value is not a sign of agility, but a 'red flag'. The PPRA’s warning is unequivocal and must be...