Zimbabwe's biggest platinum producer announced in March it was offering voluntary job cuts.

The precious metals producer saw profits tumble $2 billion last year due to lower metal prices and a reported $2.6 billion of impairments.

Parent company Anglo American prompted the speculation in February when CEO Duncan Wanblad said "nothing is off the table".

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.