Norilsk Nickel officially announced yesterday (July 22nd) that its wholly owned subsidiary, Norimet Limited, has made a cash tender offer for 4,350,000 Stillwater Mining Company shares, at $7.50 per share.

This offer is being made in the context of the widely publicised stock purchase agreement announced earlier this month, which involved Stillwater issuing 45,463,222 new shares of its common stock to Norimet.

The shares represent a 51 per cent stake, and will be purchased for $100,000,540 in cash and 877,000 ounces of palladium metal.

If the latest offer is accepted, Norimet will have a 56 per cent share of Stillwater stock.

The offer will extend until midnight on the evening of August 19th, 2003, New York City time.