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Gold Miner Agnico Eagle Commits to Spend $10.2 Billion in Ontario ...
The company said the spending will expand production, extend mine life and create 1,600 jobs at two northern projects.
- On Wednesday, Agnico Eagle Mines announced a $14 billion investment in its Ontario gold portfolio through 2030, with CEO Ammar Al-Joundi detailing the plan at George Brown College in Toronto.
- Agnico will allocate $12 billion toward operations and exploration, with $2 billion targeting Detour Lake underground expansion and Upper Beaver development, consistent with previously disclosed capital plans.
- Ontario Energy and Mines Minister Stephen Lecce hailed the investment as "historic," attributing it to the province's new "One Project, One Process" permitting framework designed to create 1,600 jobs.
- Expanding Detour Lake from open-pit to underground operations will maximize output at Canada's largest gold mine, while Upper Beaver near Kirkland Lake is expected to produce 210,000 ounces of gold annually.
- Next week, Agnico intends to announce a construction decision for its Hope Bay project in Nunavut, while a decision on Upper Beaver is expected next year.
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Total News Sources14
Leaning Left1Leaning Right4Center3Last UpdatedBias Distribution50% Right
Bias Distribution
- 50% of the sources lean Right
50% Right
13%
C 37%
R 50%
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