Russian mining firm Norilsk Nickel is selling its 51% stake in Stillwater Mining.

The transactions are consistent with Norilsk Nickel’s strategy to rationalise its international business operations.

Norilsk acquired interests in Stillwater Mining through its subsidiary Norimet in June 2003 for approximately $100m in cash and approximately 870,000 million ounces of palladium.

Stillwater’s two Montana mines in the Beartooth Mountains produced approximately 0.53 million ounces of palladium and platinum last year, reports abcnews.