BRIEF-Russia's Nornickel to continue with litigation over Nkomati

  • Reuters
  • Stock Market News
BRIEF-Russia's Nornickel to continue with litigation over Nkomati
Credit: © Reuters.

July 24 (Reuters) - Russian nickel and palladium producer Norilsk Nickel (Nornickel) GMKN.MM says:

* Nornickel will continue with litigation over the Nkomati and Tati facilities in Botswana to recover around $277 million in debt from BCL, a state-owned enterprise;

* Following a recent Botswana court judgement that effectively seeks to preclude Nornickel from defending its rights in a London court, Nornickel maintains it will not abandon its legal action against Botswana's government and will use every avenue available to recover the debt;

* Botswana's state-run BCL Mine pulled out of a 3 billion pula ($281 million) deal in October 2016 to buy a 50 percent stake in Nkomati Nickel Mine from Norilsk due to a lack of funds, prompting the Russian firm to file a legal claim.

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