Shares hit their lowest point since March 2020 after the miner unveiled plans to drastically cut the amount of commodities it mines.

Nornickel will invest the money through 2030 at its research and development center that works on new products.

The company expects a global nickel surplus of more than 250,000 metric tons this year, up from previous estimates of 200,000 tons.

The accident occurred at a mine owned by Impala Platinum Holdings when an elevator, transporting workers to the surface, malfunctioned.

Miner is considering cutting jobs at two units in South Africa because of declining platinum-group metal prices.

The stock sank as much as 25% in Johannesburg, wiping out about 15.2 billion rand ($824 million) of its market value.

Demand for platinum is expected to decline by 6% to 7.7 million troy ounces in 2024.