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The stoppage, which is effective immediately, also means that any active labour and contract has been terminated.

Core officials cited the extended threat of COVID-19 as a "direct consequence" for its decision, particularly as it said Ecuador is continuing to suffer the effects the virus has had on both heath and economics.

"The government of Ecuador and the companies operating in the country have been obliged to take difficult decisions that impact everyone," CEO Mark Bailey said.

"The forced suspension of production operations plus the uncertainty as to when the government-mandated transportation and supply restrictions will end, have resulted in a situation that impedes restarting operations for an indefinite period."

He noted the company felt it had no other possible alternative action. Core did not indicate when any resumption of production could be seen.

While Core's flagship asset is the Dynasty gold project, it also owns gold exploration projects Linderos and Copper Duke in southern Ecuador. Dynasty, located in the Loja province, was the first permitted open-pit gold mine in the country.