Norilsk to sell Stillwater stake

NORILSK Nickel yesterday confirmed plans to sell its stake in Stillwater Mining, the sole US producer of platinum and palladium, which is valued at around $750m (£519m).

Vladimir Strzhalkovsky, chief executive of Norilsk, the world’s top producer of nickel and palladium, said the Russian firm would sell the 51.3 per cent stake to streamline its overseas operations.

Strzhalkovsky said Stillwater was bought with the expectation that it would bring strong synergies, but he said that he did not want to be a portfolio investor.