osm2pgsql planet import killed

Hello,

I'm attempting to perform a full planet import on a server with the following specs: 34Gb Ram 600Gb HDD 2 Dual Core Proccessors

However after starting the input when I come back the next day I find that after the nodes have been processed, and partway through the ways being processed the operation is killed due to OOM.

The import command I'm using is as follows: osm2pgsql --flat-nodes --slim --cache 32000 --number-processes 4 /location/of/planet/file.osm.bz2

I would have thought that there were plenty of resources available on the system to accommodate this operation, is there something incorrect with the import command?