Despite gold's price slump, strong copper and iron ore prices lifted MINING.COM's ranking of the world's 50 most valuable miners to a new record high of $1.35 trillion.
Company is at the centre of deal talks in the gold sector but it may see its desire to create a South African gold champion thwarted as peers cut exposure to the country.
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.
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.