Norilsk: Studies Suitability Of Keeping Stake In Stillwater

Date : 04/08/2010 @ 11:51AM
Source : Dow Jones News
Stock : Stillwater Mining Company ($0.01 Par Value) (SWC)
Quote : 18.0  0.0 (0.00%) @ 2:05AM

Norilsk: Studies Suitability Of Keeping Stake In Stillwater

Stillwater Mining (NYSE:SWC)
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Russian miner OAO Norilsk Nickel (GMKN.RS) said Thursday it's considering "further suitability of keeping" a 51.3% stake in U.S. platinum and palladium producer Stillwater Mining Co. (SWC).

Norilsk said that the stake is a portfolio investment.

The two companies said in a document filed with the U.S. Securities and Exchange Commission late Wednesday that they are studying "potential strategic alternatives" with respect to the stake.

Those alternatives could include the full or partial sale of Norilsk's stake in Stillwater on the open market, a sale via a subscription or private transactions, the document said.

Norilsk bought the stake in 2003 for about $100 million and 877,000 troy ounces of palladium.

The current market price of Norilsk's stake in Stillwater is about $745 million.

-By Alexander Kolyandr, Dow Jones Newswires; +7 495 232 9192; Alexander.Kolyandr@dowjones.com

 
 

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