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Norilsk selling Stillwater

Publishing Date
29 Nov 2010 3:59pm GMT
Mining Journal

OAO Norilsk Nickel is selling its 51% stake in the only US producer of platinum and palladium, Stillwater Mining Co. The equity is held through Norilsk's 100%-owned subsidiary Norimet Ltd.

The Moscow-based company indicated earlier this year that it was considering selling its holding in Stillwater. The stake was acquired in June 2003 for US$100 million in cash and 877,000oz of palladium (for an aggregate value of some US$257 million at that time).

The transaction is consistent with Norilsk Nickel's strategy to "rationalise its international business operations" to focus on its core operations.

In September, Stillwater announced plans to buy Toronto-based Marathon PGM Corp for US$118 million.

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