Aug 29 (Reuters) - Impala Platinum (IMPJ.J) , opens new tab has halted spending on a new mine it was developing in South Africa after profit plunged 87% in the year to June 30, hit by low metal prices, it said on Wednesday.

The Twin Rivers project, being developed with African Rainbow Minerals (ARIJ.J) , opens new tab at a cost of about 5.7 billion rand ($320 million), will be placed on care and maintenance, Impala said in its full-year results announcement.

The Johannesburg-based metals producer also said it would not pay a full-year dividend after profit plunged to 2.4 billion rand from 18.8 billion rand the previous year.

Impala has also halted spending at its $134 million North Hill project at its Mimosa joint venture in Zimbabwe, shortened the life of its Canadian palladium mine and cut some jobs in South Africa.

Impala and its South African peers are cutting jobs and curbing planned investments as profits slump after a drastic fall in prices for platinum group metals, which are key to reducing toxic vehicle emissions.

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https://www.reuters.com/markets/commodities/platinum-giant-impala-halts-new-mine-expansion-profit-plunges-2024-08-29/