Eastern Platinum Ltd. (TSX: T.ELR, Stock Forum) said Friday it has decided to suspend funding for the Crocodile River Mine.
It attributed the move to continuing negative outlook in the global economic environment, the sustained weakness in platinum group metal pricing, and the current operating environment in South Africa.
In a press release, the company said it will continue to reassess the viability of production at CRM and reinitiate funding for production once conditions support such a decision.
The Crocodile River Mine is located on the western limb of the Bushveld Complex, near the town of Brits in South Africa's North West Province.
Down 5% to 11 cents on Friday, Eastern Platinum has a market cap of $102.1 million, based on 928.2 million shares outstanding. The 52-week range is 41.5 cents and 9.5 cents.