The transaction will give Gemfields an effective and indirect interest in SPM of approximately 6.54%.

The company last month reported a surprise rise in profit for the July-September period.

Bravura Holdings, owned by Nigerian billionaire Benedict Peters, has $1 billion available for the development of a platinum mine in Zimbabwe.

Toronto-based company will begin a 17,500-metre drill program this month at its Kaukua South discovery in Finland aimed at delineating an initial resource.

Vladimir Potanin said the company should keep its dividends to a minimum, as it contends with the pandemic and a potential $2 billion environmental damages bill.

Company said its ore transport system fell at a shaft, resulting in some workers sustaining minor injuries and a halt in haulage.