Production at the Taimyrsky mine, which has also been affected by water, would begin in June.

The board of directors at Nornickel, in which Rusal holds a 27.8% stake, will discuss its 2030 investment strategy and dividend guidelines on March 29.

Proceeds will be used for a prefeasibility study on the River Valley PGM project in Ontario.

Iridium, one of the rarest precious metals and mined as a byproduct of platinum and palladium, has surged 131% since the start of January.

The company said that it would buy back all preference shares from its Black economic empowerment vehicle, Zambezi Platinum, four years ahead of its 10-year maturation date.

Group also proposed minimizing Nornickel's final dividend payment for 2020.

Northam said the dollar basket price of the main minerals it mines surged by nearly 50%.