The reactivity of two paramagnetic nickel(I) compounds, CpNi(NHC) (where Cp=cyclopentadienyl; NHC=1,3-bis(2,4,6-trimethylphenyl)imidazol-2-ylidene (IMes) or 1,3-bis(2,6-diisopropylphenyl)imidazol-2-ylidene (IPr)), towards [Na(dioxane) ][PnCO] (Pn=P, As) is described. These reactions afford symmetric bimetallic compounds (μ :η ,η -Pn ){Ni(NHC)(CO)} . Several novel intermediates en route to such species are identified and characterised, including a compound containing the PCO anion in an unprecedented μ :η ,η -binding mode. Ultimately, on treatment of the (μ :η ,η -Pn ){Ni(IMes)(CO)} compounds with carbon monoxide, the Pn units can be released, affording P in the case of the phosphorus-containing species, and elemental arsenic in the case of (μ :η ,η -As ){Ni(IMes)(CO)} .