Meanwhile, nickel and other metals surged as Western sanctions against Russia disrupted supply from the major producer.

It’s getting increasingly difficult to transport commodities like metals since almost half of the world’s container ships no longer go to Russia.

"The market is in a panic mode in terms of supply" as warehouse inventories hit 16-year low.

Analysts flag 2008-like commodity price reversion possible on Russia-Ukraine tension.

Kinross intends to adhere to all sanctions and legal restrictions.

Buyers in markets including Europe, Japan, South Korea, and China are scrambling to address their exposure to Russian supply.

The Shymanivske project is 330 km southeast of Kiev and lies in the heart of central Ukraine’s KrivBass iron ore mining district.