Barrick's controversial gold and copper mining project was previously ordered to shutter by the country's environmental regulator in 2018.

The investment is expected to generate nearly $160 million (C$200 million) in economic benefits for Quebec.

The world's appetite for the red metal will reach 53 million tonnes annually by mid-century – more than double current levels – but falls short of supply by 2.7 million tonnes without more recycling and mining.

Canadian company said it wants to focus on its core gold projects Fenelon and Martiniere, and is selling its Grasset and RUM projects in Quebec and its Sudbury and NW projects in Ontario.

Demand picked up following the lifting of covid-19 lockdowns that had hurt manufacturing activity.