Norilsk buys more Stillwater

Russia’s Norilsk Nickel gave the final results of its US$32.6-million offer to buy up to 4.35 million shares (5%) of its 51%-owned subsidiary Stillwater Mining for $7.50 apiece, in cash. When the offer expired on Aug. 26, some 33.9 million shared were tendered, meaning that Norilsk will buy 4.35 million of these and return the rest.

Norilsk acquired its initial 51% interest in Stillwater earlier this year for US$100 million in cash and about 877,000 ounces of palladium. Norilsk’s shares on the pink sheets closed unchanged at US$39.45 while Stillwater shares climbed US65 to US$7.04.

Brazilian iron-ore giant CVRD completed its US$426-million acquisition of 50% of the ordinary shares and 40% of the preferred shares of Caemi Mineracao e Metalurgia from Japanese trading house Mitsui & Co. CVRD now owns all Caemi’s ordinary shares and 40% of the preferreds, or 60.2% of Caemi’s total capital. Caemi has iron ore operations in Brazil.

Last month CVRD completed the sale of its sole gold mine, Fazenda Brasileiro, to Toronto-listed Yamana Resources for 63 million reals, or about US$20.9 million.

Meanwhile, Mitsui completed its US$830-million purchase of a 15% stake in Valepar, the holding company that owns a partial stake in CVRD. As a result, Mitsui now holds 5.05% of CVRD’s outstanding shares and will be placing one representative on CVRD’s board. CVRD closed up $2.50 at $38.50 while Mitsui fell US$1.37 to US$128.63 on the Nasdaq.