Nornickel's dividend policy is set under an agreement between Interros Holding, controlled by Vladimir Potanin, and Rusal.

Production at the Taimyrsky mine, which has also been affected by water, would begin in June.

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.

Proceeds will be used for a prefeasibility study on the River Valley PGM project in Ontario.

Iridium, one of the rarest precious metals and mined as a byproduct of platinum and palladium, has surged 131% since the start of January.

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.

Group also proposed minimizing Nornickel's final dividend payment for 2020.