BCL RESCUE SOUNDS LIKE GOOD NEWS FOR NORNICKEL

Russian nickel and palladium mining and smelting company hopes that it will recover US$271.3 million for its 50% share in Nkomati Nickel and Chrome mine, after learning that the Emirates Investment House (EIH) is in discussions regarding acquisition of Botswana state-owned BCL.  The Arab company has already been granted access in order to carry out due diligence of BCL’s assets, including Nkomati.

“Emirates Investment House is very interested in buying shares in BCL, but their sale is only possible after the end of the liquidation procedure – when the issue will be settled with the creditors,” indicated liquidator Nigel Warren-Dixon of accounting firm KPMG, who also stressed that taking on the dispute with Norilsk Nickel is one of the conditions of the transaction.

EIH proposal is expected by the end of April, and it will detail the price they are willing to pay for the BCL shares.

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