The Russian metals group Norilsk Nickel confirmed on Tuesday (June 17th) that the central bank had okayed its deal to buy 51 per cent of Stillwater Mining, the USA's only producer of palladium and platinum.

Norilsk said in a statement that the central bank had permitted the world's largest nickel and platinum group metals producer to transfer funds abroad to pay for the deal.

A clear majority of Stillwater shareholders, 82 per cent, gave their assent to the move on Monday (June 16th), as did US regulators, who investigated the takeover to ensure that monopolies rules were not broken.

The stake will cost Norilsk $260 million in cash and palladium.

Russian law stipulates that the central bank's approval has to be sought for capital investment abroad by Russian businesses.