Norilsk Nickel has announced that it has successfully acquired a further five per cent of shares available in Stillwater Mining.

The Russian pgm giant says preliminary results indicate that the move has been successful.

Moscow-based Norilsk originally bought 51 per cent of Stillwater earlier this year for $100 million in cash and around 877,000 ounces of palladium.

As part of that deal Norilsk had agreed to buy more shares in order to secure its stake in the firm.

Following yesterday's expiration of a tender to buy 4.35 million shares from minority shareholders at $7.50 each, the company now owns 56 per cent of Stillwater.

It is thought Norilsk will use the American firm as an outlet through which to sell palladium in the US.

The tender offer was carried out through Norimet Limited, Norilsk's London-based trading arm.