24 Nov 2023 13:31

Norilsk Nickel concludes agreement to exit South Africa's Nkomati

MOSCOW. Nov 24 (Interfax) - Norilsk Nickel , through its group member Norilsk Nickel Africa Proprietary Limited (NNAf), has entered an agreement to transfer the 50% stake in the Nkomati joint venture to its South African partner, African Rainbow Minerals Limited (ARM), the Russian company reported in Friday.

Under the terms and conditions of the agreement, in addition to the stake in the JV, ARM will assume all of Nkomati's commitments and obligations, including environmental, in exchange for a contribution from NNAf payable to ARM. The transaction is expected to close during 2024, subject to receipt of the necessary South African regulatory approvals and completion of other closing conditions agreed upon by the parties.