Gold miner Pan African Resources has halted exploration work in Ghana and the Central African Republic (CAR) in order to focus on its platinum project.
The termination of the CAR and Ghana projects will incur a £5m impairment charge.
Pan African CEO Jan Nelson said the company's strategy has diverted from exploration to focus on production and near-production properties, miningmx.com reports.
"The results from the first phase of drilling on the projects in Ghana and the CAR have not met the company’s criteria to continue with further exploration activity. As a result exploration activity has been terminated, leading to an impairment charge of £5m," Nelson said.
The company post-tax profit of £8m for the year ended June 2009, up from a profit of £7.6m a year earlier, the news service reports.