The Oktyabrsky mine will resume full production by the end of April and is already running at 60% capacity, the company said.

Company will minimise its final dividend for 2020 to fund planned investment in production growth and improving its environmental footprint.

Company is at the centre of deal talks in the gold sector but it may see its desire to create a South African gold champion thwarted as peers cut exposure to the country.

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.