Last year, the CRA slapped the company with a fine and ordered the miner to pay more than $200 million in back taxes, but the firm objected the decision.
Consumer products sold across the globe could contain traces of the metal produced by informal Congolese mines, who employ children as young as seven, says Amnesty International.
The indefinite suspension of the Picadilly mine, in Canada's New Brunswick, is expected to cut the company's capital costs by $50 million in 2016 and $135 million over the next two years.
The announcement comes as the company is laying off about 50 workers in Lynchburg, Virginia, a bit more than half the jobs it has cut in the US as of late.
Recently released satellite images show that devastation from illegal gold mining activities in Peru is now reaching the Tambopata National Reserve, an important protected area in the country’s southern Amazon.