The move comes a month after the Chilean Supreme Court invalidated a decision by the Atacam Region environment authority, which approved Goldcorp's El Morro environmental impact study in October 2013.
The project, which the Diaguita indigenous community says could pollute a river on their ancestral land, has been tangled in court battles for several years.
Goldcorp chief executive Chuck Jeannes said in a statement Friday that the company was disappointed by the court ruling, but added it has "afforded us a unique opportunity to challenge our previous assumptions within the context of evolving industry dynamics."
The company said it has started work on a new development plan for the project.
Goldcorp has 70 per cent ownership of the El Morro project while the other 30 per cent is owned by New Gold Inc. (TSX:NGD), also headquartered in Vancouver.