18:43 GMT +324 September 2017

    Norilsk Nickel buys 100% stake in LionOre for $5.2 billion

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    MOSCOW, October 5 (RIA Novosti) - Norilsk Nickel [RTS: GMKN] has closed a deal to purchase a 100% stake in Canada's nickel and gold producer LionOre, the Russian metals giant said on Friday.

    In August, Norilsk Nickel bought over 97.7% of LionOre stock, and started compulsory acquisition of the remaining stock.

    Norilsk Nickel, one of the world's largest producers of nickel, palladium, platinum and copper, offered in early May to buy all of LionOre's common stock, paying 21.50 Canadian dollars (US$19.42) in cash per common share. The Russian metals giant subsequently increased its cash offer to 27.5 Canadian dollars (US$25.32) per share.

    The Russian company earlier said it was seeking to acquire LionOre in order to boost its metals output, expand the geography of its operations, and implement "exciting projects."

    LionOre is a global nickel and gold producer with operations in Australia, Botswana and South Africa. In 2006, LionOre produced 34,094 metric tons of payable nickel and 155.203 ounces of gold.

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