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The mine is dealing with issues around transportation, availability and cost of personnel, equipment and supplies at site. Panoramic believes the circumstances surrounding COVID-19 could continue for several months.
It will continue essential services, safety and environmental monitoring, with the underground operations being wound down and ore processing stopping by the end of the week.
The company is also withdrawing its previously provided production and cost guidance.
The temporary suspension will have the benefit of preserving cash while Panoramic carries on with sourcing more funding for the ongoing ramp-up of Savannah North.
Managing director and chief executive Victor Rajasooriar said: "This has been a difficult decision to take but is unquestionably the right one for the current operating environment and Panoramic's particular circumstances."