Nornickel announces that through its South African subsidiary, Norilsk Nickel Africa Proprietary Limited (NNAf), it has entered into a definitive agreement with African Rainbow Minerals Limited (ARM) to transfer its 50% interest in Nkomati Joint Venture (Nkomati mine).

As of today assets of Nkomati Joint Venture include a deposit of disseminated copper-nickel ore, an underground mine, which went on care & maintenance in 2015, as well as an open pit. Mining operations and production activities ceased in March 2021. Since 2021, Nkomati Joint Venture has been on care & maintenance.

According to the terms of the signed Purchase and Sale Agreement, ARM will take over the environmental liabilities of Nkomati mine, together with NNAf’s proportionate share of the obligations and liabilities relating to the Nkomati mine’s assets. The envisioned transaction is expected to close during 2024 subject to the necessary South African regulatory and competition authorities’ approvals and certain other conditions precedent as agreed between NNAf and ARM.

With this agreement Nornickel underscores its strategic commitment to developing its unique resource base and Tier-1 assets portfolio in Russia as well as its long-term strategy to exit non-Tier-1 assets.

Nornickel is exiting Nkomati Joint Venture in South Africa