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MDCB ring fence P560 million

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Fears and Warren Dixon
The fight between Norilsk Nickel and BCL liquidator Nigel Warren-Dixon has reached fever peach as the two exchange words through their lawyers regarding the failed purchase of Norilsk Nickel’s interests in the Nkomati mine in South Africa. Norilsk Nickel's position is that the BCL Companies are in clear breach of the Nkomati sale contract and liable to compensate Norilsk Nickel for their failure to pay the purchase price of approximately US$300 million. Norilsk Nickel has also commenced a separate Reckless Trading claim against other parties, including the Government of Botswana, which is based on the BCL Companies' liability to Norilsk Nickel. On the 2nd of October this year Norilsk Nickel lawyers Herbet Smith Freehills LLP wrote to Dixon’s lawyers Bookbinder Business Law (BBL)informing them that the South African proceedings they have taken are simply a drain on the resources of the BCL Companies, as the liquidator has failed to explain why he persists in pursing them. Norilsk Nickel remains of the view that the Department of Mineral Resources was right to grant Section 11 consent and will be putting forward for that in the South African court proceedings and its submissions to the Minister of Mineral Resources and said that…

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