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Panoramic managing director and CEO Victor Rajasooriar said it was a difficult decision to take but unquestionably the right one as the COVID-19 pandemic was "adversely impacting operations".

Rajasooriar said the pandemic was affecting transportation, the availability and cost of personnel, equipment and supplies and controls at site.

While operations have been suspended he said essential services, safety and environmental monitoring would continue at the site.

With employees and contractors sent home Panoramic has been forced to pull its production and cost guidance for the year and call a trading halt on its shares on the Australian Securities Exchange.

"We believe that it will protect the welfare of our staff and contractors, and the surrounding communities, as well as target the preservation of shareholder value through these difficult times," Rajasooriar said.

"We greatly appreciate the support of all our stakeholders through this period in what is an incredibly challenging environment for them also."