A far north Queensland mine has suspended operations blaming the global financial crisis and a downturn in metal prices.

Queensland Ores has been mining for tungsten and molybdenum at the Wolfram Creek mine west of Mareeba.

But in a letter to the Australian Stock Exchange it says, as of today, the mine's operations have been suspended.

The decision will allow the company to conserve cash while issues at the treatment plant are addressed, including low recoveries.

Twenty-six workers will lose their jobs.

Queensland Ores says it will continue to look for additional funding.

About 3:00pm AEST the company's shares were trading at 1.1 cents. – ABC News