Russia-based leading global iron ore and hot briquetted iron (HBI) producer Metalloinvest has announced that it has increased its stake in Norilsk Nickel, the world's largest producer of nickel and palladium and one of the leading producers of platinum and copper, from 3.6 percent to 4.0 percent.
In May and June this year, Metalloinvest purchased a total of 8.3 million global depositary receipts (GDRs) in Norilsk Nickel (MNOD LI) for a total consideration of $126 million. As a result, the company has returned to the four percent shareholding it held in Norilsk Nickel prior to the launch of Norilsk Nickel's share buy-back program in the autumn of 2011, when Metalloinvest disposed of 8.3 million GDRs for a total consideration of $255 million.