Anglo American Platinum's profit plunged by 71% last year.

Last week, palladium had fallen below platinum for the first time since 2018.

The new resource includes 813 million tonnes of indicated material grading 0.29% nickel equivalent.

Nornickel expects a further decline in its nickel and palladium output this year, due to geopolitical risks and postponed furnace repairs.

Kuvimba holds some of Zimbabwe’s best mining assets, which were once owned by a company controlled by US- and UK-sanctioned tycoon Kudakwashe Tagwirei.

Palladium fell by 39% in 2023 after rising prices from 2018 to 2022 caused the auto sector, accounting for 80% of demand, to start replacing it with cheaper platinum in autocatalysts.

The precious metals producer is still looking for copper assets to buy across the African copper belt.