<HTML>
<HEAD>
<TITLE>Prepared by E-Services, LLC - www.edgar2.net</TITLE>
</HEAD>
<BODY>

<B><FONT SIZE=3><P ALIGN="CENTER">SECURITIES AND EXCHANGE COMMISSION</P>
<P ALIGN="CENTER">Washington, D.C.  20549</P>
<P ALIGN="CENTER">__________________</P>
<P ALIGN="CENTER">&nbsp;</P>
<P ALIGN="CENTER">FORM 8-K</P>
<P ALIGN="CENTER">CURRENT REPORT</P>
<P ALIGN="CENTER">PURSUANT TO SECTION 13 OR 15(d)<br>
OF THE SECURITIES EXCHANGE ACT OF 1934</P>
<P ALIGN="CENTER"></P>
<P ALIGN="CENTER">Date of Report (Date of earliest event reported) January 9, 2002</P>
<P ALIGN="CENTER">&nbsp;</P>
<U><P ALIGN="CENTER">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
NORD PACIFIC LIMITED&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>
</U>(Exact name of registrant as specified in its charter)</P>
<P ALIGN="CENTER"> </P>
<P ALIGN="CENTER"> </P></B></FONT>
<div align="left">
<TABLE CELLSPACING=0 BORDER=0 CELLPADDING=0 WIDTH=740>
<TR><TD WIDTH="306" VALIGN="TOP">
<B><U><FONT SIZE=3><P ALIGN="center">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New Brunswick, Canada&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></U></B></TD>
<TD WIDTH="210" VALIGN="TOP">
<B><U><FONT SIZE=3><P ALIGN="CENTER">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 000-19182&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></U></B></TD>
<TD VALIGN="TOP" align="center">
<B><U><FONT SIZE=3><P ALIGN="center">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Not Applicable&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></U></B></TD>
</TR>
<TR><TD WIDTH="306" VALIGN="TOP">
<B><FONT SIZE=3><P ALIGN="center">(State or Other Jurisdiction of<br>
Incorporation)</B></FONT></P>
  </TD>
<TD WIDTH="210" VALIGN="TOP">
<B><FONT SIZE=3><P ALIGN="CENTER">(Commission<br>
File Number)</B></FONT></P>
  </TD>
<TD VALIGN="TOP" align="center">
<B><FONT SIZE=3><P ALIGN="center">(IRS Employer<br>
Identification Number</B></FONT></P>
  </TD>
</TR>
<TR><TD WIDTH="306" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="210" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="218" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="306" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="210" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="218" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="518" VALIGN="TOP" COLSPAN=2>
<B><FONT SIZE=3><P ALIGN="center">40 Wellington Row, Suite 2100, Scotia Plaza<br>
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Saint John, New Brunswick, Canada&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>
</U>(Address of Principal Executive Offices)</B></FONT></P>
  </TD>
<TD WIDTH="218" VALIGN="TOP">
<B><FONT SIZE=3>
<U><P ALIGN="CENTER"><br>
&nbsp;&nbsp;&nbsp;&nbsp; E2L 4S3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>
</U>(Zip Code)</B></FONT></P>
  </TD>
</TR>
</TABLE>

</div>

<B><FONT SIZE=3>
<P ALIGN="JUSTIFY">&nbsp;</P>
<P ALIGN="CENTER">Registrant's telephone number, including area code: (506) 633-3800</P>
<P ALIGN="CENTER">&nbsp;</P>
<hr color="#000080">
<P ALIGN="left">&nbsp;</P>

</FONT><P ALIGN="JUSTIFY">ITEM 5. Other Events</P>
<P ALIGN="JUSTIFY">&nbsp;&nbsp;&nbsp;</B>&nbsp;&nbsp;&nbsp;&nbsp; Effective October 29, 2001, Nord Pacific Limited entered into a settlement agreement with former President &amp; CEO, Dr. W. Pierce Carson.  In April of 2001, Dr. Carson filed an action in United States District Court for the District of New Mexico against the Company and its wholly owned subsidiary Hicor Corporation in which he alleged his entitlement to early retirement and asked the court to declare that split dollar insurance policy, for which the Company had paid premiums, be committed to funding his retirement.</P>
<P ALIGN="JUSTIFY">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Under the terms of the settlement agreement, Dr. Carson agreed to forego any claims to retirement benefits from the Company and authorized the payment of $120,000 by the life insurance company to Nord Pacific.  The Company gave up any claims to the split dollar life insurance policy, and agreed to issue 1,431,482 shares of Common Stock to Dr. Carson on or before February 1, 2005 (or immediately under other certain events such as merger or sale of substantially all of the Company's assets).  The issued stock will be restricted (Rule 144) stock.  Dr. Carson also agreed to a number of other conditions pertaining to the stock for a period of two years upon issuance.  Each party released the other party for all further claims.   The settlement is considered final and the case was dismissed with prejudice.</P>
<P ALIGN="JUSTIFY">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; As separate matters, the Company's wholly owned subsidiary in Australia, Nord Australex  Nominees Pty. Ltd. ("Australex"), which is the company that legally owns Nord Pacific's interests in the Girilambone Joint Ventures and the Tritton Copper Project, is in dispute with its joint venture partner, Straits Mining Pty Ltd of Perth, Western Australia (a wholly owned subsidiary of Straits Resources Limited) over the management and funding of the Girilambone Copper Operations.  Previously, Australex had defaulted on scheduled payments for the purchase of the Tritton project from Straits.  The defaults occurred following the Company's failure to procure anticipated financing.  This was exacerbated by the reduced cash flow being derived from Australex's share of copper sales from Girilambone, due to the gradual exhaustion of copper production from the leach heaps, and by the low price of copper being realized.  On December 21, 2001, Straits issued to Australex a Statutory Demand for Payment of monies owed (A$1,500,000 or approximately US$780,000) under the terms of the Tritton Sale Agreement.   Australex has 21 days, or until January 11, 2002, to meet this demand.  Under Australian law, a company may be declared insolvent if it cannot meet its bills when due and payable.  In order to rectify these situations, Nord Pacific is in discussion with a number of parties to secure financing for the acquisition of Straits' share of the Girilambone joint ventures and the redemption of the Tritton Project, or, to otherwise come to some suitable arrangement with Straits.</P>
<P ALIGN="JUSTIFY"></P>
<table border="0" width="745" cellspacing="0">
  <tr>
    <td width="334">
<P>Dated:  January 9, 2002&nbsp; </P>
    </td>
    <td width="405">By:<U>    /s/ Mark R. Welch&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;                    </U> </td>
  </tr>
  <tr>
    <td width="334">
<P></P>
    </td>
    <td width="405">Mark R. Welch</td>
  </tr>
  <tr>
    <td width="334">
<P></P>
    </td>
    <td width="405">President and Chief Executive Officer</td>
  </tr>
</table>
<P ALIGN="JUSTIFY">&nbsp;</P></BODY>
</HTML>
[{"type": "8-K", "sequence": "1", "filename": "npl8k.htm", "secsgml_size_bytes": 6905}]
{"company-data": {"conformed-name": "NORD PACIFIC LIMITED", "cik": "0000843296", "assigned-sic": "1000", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "000-19182", "film-number": "2505383"}, "business-address": {"street1": "40 WELLINGTON ROW", "street2": "SUITE 2100 SCOTIA PLAZA", "city": "ST JOHN N B CANADA", "state": "A3", "phone": "8092922363"}}
Prepared by E-Services, LLC - www.edgar2.net
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.  20549
__________________
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported) January 9, 2002
NORD PACIFIC LIMITED
(Exact name of registrant as specified in its charter)
New Brunswick, Canada
000-19182
Not Applicable
(State or Other Jurisdiction of
Incorporation)
(Commission
File Number)
(IRS Employer
Identification Number
40 Wellington Row, Suite 2100, Scotia Plaza
Saint John, New Brunswick, Canada
(Address of Principal Executive Offices)
E2L 4S3
(Zip Code)
Registrant's telephone number, including area code: (506) 633-3800
ITEM 5. Other Events
Effective October 29, 2001, Nord Pacific Limited entered into a settlement agreement with former President & CEO, Dr. W. Pierce Carson.  In April of 2001, Dr. Carson filed an action in United States District Court for the District of New Mexico against the Company and its wholly owned subsidiary Hicor Corporation in which he alleged his entitlement to early retirement and asked the court to declare that split dollar insurance policy, for which the Company had paid premiums, be committed to funding his retirement.
Under the terms of the settlement agreement, Dr. Carson agreed to forego any claims to retirement benefits from the Company and authorized the payment of $120,000 by the life insurance company to Nord Pacific.  The Company gave up any claims to the split dollar life insurance policy, and agreed to issue 1,431,482 shares of Common Stock to Dr. Carson on or before February 1, 2005 (or immediately under other certain events such as merger or sale of substantially all of the Company's assets).  The issued stock will be restricted (Rule 144) stock.  Dr. Carson also agreed to a number of other conditions pertaining to the stock for a period of two years upon issuance.  Each party released the other party for all further claims.   The settlement is considered final and the case was dismissed with prejudice.
As separate matters, the Company's wholly owned subsidiary in Australia, Nord Australex  Nominees Pty. Ltd. ("Australex"), which is the company that legally owns Nord Pacific's interests in the Girilambone Joint Ventures and the Tritton Copper Project, is in dispute with its joint venture partner, Straits Mining Pty Ltd of Perth, Western Australia (a wholly owned subsidiary of Straits Resources Limited) over the management and funding of the Girilambone Copper Operations.  Previously, Australex had defaulted on scheduled payments for the purchase of the Tritton project from Straits.  The defaults occurred following the Company's failure to procure anticipated financing.  This was exacerbated by the reduced cash flow being derived from Australex's share of copper sales from Girilambone, due to the gradual exhaustion of copper production from the leach heaps, and by the low price of copper being realized.  On December 21, 2001, Straits issued to Australex a Statutory Demand for Payment of monies owed (A$1,500,000 or approximately US$780,000) under the terms of the Tritton Sale Agreement.   Australex has 21 days, or until January 11, 2002, to meet this demand.  Under Australian law, a company may be declared insolvent if it cannot meet its bills when due and payable.  In order to rectify these situations, Nord Pacific is in discussion with a number of parties to secure financing for the acquisition of Straits' share of the Girilambone joint ventures and the redemption of the Tritton Project, or, to otherwise come to some suitable arrangement with Straits.
Dated:  January 9, 2002
By:
/s/ Mark R. Welch
Mark R. Welch
President and Chief Executive Officer