December 1, 2016 / 7:42 AM / 2 years ago

Norilsk Nickel files law suit against Botswana's BCL on Nkomati stake sale

JOHANNESBURG, Dec 1 (Reuters) - Russia’s Norilsk Nickel said on Thursday it has filed a lawsuit against Botswana-based BCL Group to recover $271.3 million plus damages it says it is owed from the sale of a 50 percent stake in the Nkomati mine in South Africa.

BCL Mine pulled out of a 3 billion pula ($278 million) deal to buy a 50 percent stake in Nkomati Nickel Mine from Norilsk due to a lack of funds.

“BCL has failed to honour its obligations under the sale agreement concluded in October 2014,” said Norilsk Nickel Africa’s Chief Executive Michael Marriott. “The failure of BCL to abide by its obligations under the sale agreement is unacceptable in any business transaction.”

$1 = 10.7759 pulas Reporting by Nqobile Dludla; Editing by Susan Fenton

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