The junior miner said the ruling not only forces it to halt operations, but it also blocks it from transferring the project, as the mining permit will no longer be valid.
Last year, the agency had forecast a "relatively swift" recovery. Instead, oil prices have continued to fall, hitting less than $30 a barrel, a level last seen in 2003.
Goldman Sachs report is the latest in a long line of grim warnings, all of which point to a future of shuttered power plants, mine closures, and bankruptcies.