Mining titan Anglo American (LON:AAL) has suspended all new major investment at platinum arm Amplats until 2017.
Production guidance this year was maintained at at 2.3-2.4mln ounces but spending will now be around US$4bn, the bottom of its previous range.
“Major project capital decisions have been postponed to at least 2017,” Amplats added.
Platinum production rose 14% to 614,000 ounces in the three months to September as the company’s mines in South Africa recovered from last year’s prolonged strike.
That helped Anglo's group output rise 2% in its latest quarter from a year ago even though diamond production fell.
De Beers, Anglo’s diamond arm, produced 67mln carats or a fall of 27% as it reined back in the face of soft prices.
Guidance for the full year was also trimmed to 29mln carats, against 29-31mln previously and down by 5mln on 2014.
Concern over Anglo’s diamond revenues has weighed heavily on its share price recently, but it also had problems in other areas.
Iron ore output at Kumba was down 12% to 11.4mln tonnes while nickel output slumped 36% to 6,800 tonnes.
Because of the difficulties, analysts expect Anglo to cut its final dividend this year to preserve cash.