The company is still targeting a federal permit decision by mid-2020.

Central banks and supranational organizations such as the IMF currently hold 34,000 tonnes of gold.

The Caribou mine in New Brunswick has been in continuous production since 2015.

Glencore joins peers such as Anglo American, Antofagasta, Codelco and Teck Resources in temporarily closing or slowing some operations.

The strategy sees it boosting production to 5 million ounces of gold a year, with the bulk coming from its North American operations.