Uptake of Class 1 nickel will rise to more than 410,000t in 2022, from 330,000t last year, based on the group's internal forecasts for the metal.

LME nickel stockpiles have declined by 71pc to 75,318t on 14 March from a year earlier.

Prices briefly retreated after 24 February.

Benchmark nickel on the London Metal Exchange (LME) surged to its highest value in more than a decade on 22 February.

Nornickel's 2021 net profit stood at $6.97bn, a 92pc increase from the year before.

BHP will invest $90mn into private firm Kabanga Nickel to accelerate the development of the Kabanga nickel project in Tanzania.

Australia is expected to increase its production of copper, nickel and zinc over the next two years, according to the government's commodity forecaster.

World’s largest producer of palladium and high-grade nickel and a major producer of platinum and copper Nornickel announced that on June 1 the company began to gradually restart ore mining.