Russian platinum producer, Norilsk, has announced that it has had its acquisition offer for LionOre accepted by almost 90 per cent of the Canadian miner's shareholders.

The acquisition will strengthen Norilsk's position in the global mining market and will be the largest acquisition ever undertaken by a Russian company.

In a statement, the mining giant said: "Since all the conditions of the offer have now been met, Norilsk Nickel, through a wholly-owned subsidiary, has accepted all LionOre shares that were included in the offer."

Welcoming the deal, Norilsk Nickel's General Director, Denis Morozov, said: "This addition to the group brings growth in nickel, further diversifies our international presence, and will generate important synergy contributions to Norilsk Nickel's long term development."

Norilsk also revealed that it has extended the expiry time of its offer to July 10th this year.

LionOre is one of the world's top producers of nickel and has a number of operations across the world, including in South Africa and Australia.

Sources:

Norilsk Nickel Acquires Approximately 90% of LionOre's Shares and Extends the Expiry Time of Its Offer to July 10, 2007, 29.06.07
http://www.nornik.ru/en/press/news/2193/

LionOre Mining International
http://www.lionore.com/

Ÿ Adfero Ltd