Norilsk Nickel Ltd, the majority shareholder of Stillwater Mining Co., is offering 37 million shares in one of its two secondary offerings for sale. The Russian company may sell up to 51% stake in Stillwater Mining in the deal.
Norilsk Nickel is selling majority ownership stakes in two Montana precious metals mines to meet strategic objectives. The general director of Norilsk Nickel Vladimir Strzhalkovsky said that the sales of their holdings in Stillwater Mining Company represented an important milestone.
The company has been described as a relatively hands off owner by Stillwater Mining executives. The directors of Norilsk Nickel have said that they were open to potential buyers in the month of April for the two Montana mines which are the only domestic sources of platinum and palladium.
Dan Gagnier the spokesman for Stillwater Mining said that the decision of Norilsk Nickel to sell its majority stake in the company will not affect the plans of the company to expand the mines and develop a new one in Ontario. He added that it was business as usual at Stillwater Mining.