Russian metals giant Norilsk Nickel has announced the final results of its offer to buy up to five per cent of common stock in the Stillwater Mining Company.

Norilsk has already spent $100 million and 877,000 ounces of palladium this year on securing a 51 per cent interest in America's only pgm firm.

Norimet, a subsidiary of Norilsk, will buy 4,350,000 shares in Stillwater's common stock in this latest offer, at a cash price per share of $7.50.

The depositary for the offer of 33,880,717 was tendered earlier this week and not withdrawn. Norimet's purchase will result in a proration factor of 12.8 per cent approximately of the shares thus tendered.

The Bank of New York will issue payment for the shares accepted for purchase, and return all others tendered.

Stillwater is the most significant producer of platinum and palladium outside South Africa and Russia, with estimated pgm ore reserves of 25.3 million ounces.