Norilsk says gives 50% in South Africa's Nkomati to partner

MOSCOW, Nov 24 (PRIME) -- Metals producer Norilsk Nickel has signed a deal to transfer a 50% stake in its joint project Nkomati in South Africa to partner African Rainbow Minerals Limited (ARM) leaving the asset altogether, the company said on Friday.

"Norilsk Nickel, represented by affiliate Norilsk Nickel Africa Proprietary Limited (NNAf), has signed an agreement of transfer of a 50% interest in joint venture Nkomati to South African partner African Rainbow Minerals Limited (ARM)," the company said.

The terms of the deal were not disclosed.

The Nkomati assets include a deposit of ingrained copper-nickel sulphide ores, a mine suspended in 2015 and an open pit. Production was stopped in March 2021 for land reclamation.

End