Norilsk Nickel has closed a deal to exit Nkomati, a 50-50 joint venture (JV) with African Rainbow Minerals Limited.
The deal was carried out through the group's subsidiary Norilsk Nickel Africa Proprietary Limited (NNAf) after approval by the relevant regulatory authorities.
“The transaction was completed after successfully obtaining the necessary regulatory approvals in South Africa and fulfilling other mutually agreed conditions precedents,” Nornickel said in a statement.
Nkomati's assets include a disseminated copper-nickel sulphide ore deposit, an underground mine and an open pit mine. Mining and production activities ceased in March 2021. The mine has been in conservation and reclamation mode since 2021.
“With the completion of this transaction Nornickel reiterates its strategic commitment to developing its unique resource base and Tier-1 assets portfolio in Russia as well as its long-term strategy to exit non-Tier-1 assets.”
The agreement to transfer a 50% stake in JV was reached in 2023. According to the terms of the agreement signed at that time, in addition to the stake in the joint venture, ARM will assume all of Nkomati’s obligations, including environmental ones, in exchange for a contribution from NNAf payable to ARM.
Theodor Lisovoy, Managing Editor, Rough&Polished
