The Russian miner has converted each share into 100.

Although Nornickel itself and its metals are not a target of Western sanctions some consumers are voluntarily shunning deals for its metals and of products made from Russian raw materials.

Last June, the commodity trading giant made its first investment in the critical minerals explorer.

Nornickel's 2023 net profit and revenue declined due to low metal prices.

Under the agreement, initial production from Crean Hill would be shipped to Vale's Clarabelle mill in Sudbury for processing.

According to analysts at Macquarie, demand for both platinum and palladium from the auto sector will start falling beyond 2025.

Zimplats did not say how many of the 8,000 permanent and contract jobs were targeted.

The shaft was forecast to produce an average of 54,000 platinum group metal ounces in 2024.