Norilsk Nickel has completed the sale of its 50% stake in the Nkomati joint venture to the South African company African Rainbow Minerals Ltd (ARM). Now all mine assets, including field and infrastructure came under the control of the new owner.
The Nkomati joint venture, which was involved in the mining of copper-nickel ores in South Africa, is no longer part of Norilsk Nickel’s assets. The company sold its half of the business to a partner, African Rainbow Minerals Ltd (ARM).
The Nkomati mine includes a sulphide ore deposit, underground mines and an open pit. However, production there was stopped back in March 2021, after which the enterprise went into conservation mode.
This is not Norilsk Nickel’s first attempt to leave the South African market. In 2014, the company tried to sell its stake in Nkomati and another mine, Tati, to Botswana’s BCL Group. However, the deal fell through due to non-fulfillment of obligations on the part of the buyer. BCL Group later went bankrupt and its assets were liquidated.
The current transaction was successful: the parties agreed on the terms, and South African regulators approved the transfer of assets. Norilsk Nickel emphasizes that this step is in line with the company’s long-term strategy – to focus on key assets in Russia and exit non-core projects.
The sale of a stake in Nkomati confirms Norilsk Nickel’s commitment to optimizing its asset portfolio. The company continues to develop its core deposits in Russia, leaving abroad only those projects that meet its high standards.
The material was prepared with the support of the Russian Ministry of Education and Science as part of the Decade of Science and Technology
Source: @nerzhavey
