GABORONE – Botswana has paid Norilsk Nickel $45-million to settle a dispute after its State-run mining company pulled out of buying a stake in a South African mine from the Russian firm, the minerals minister said on Friday.
Botswana's state-run BCL Mine pulled out of a 3-billion pula ($281-million) deal in October 2016 to buy a 50% stake in Nkomati Nickel Mine from Norilsk due to a lack of funds, prompting the Russian firm to file a legal claim.
Minister of Minerals Sadique Kebonang confirmed the settlement to Reuters and said the payment was approved through a presidential directive on January 24.
Norilsk Nickel declined to comment.
Edited by: Reuters
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