Overview
- Agnico Eagle detailed the five-year plan Wednesday at a Toronto event, outlining $12 billion for existing Ontario mines and $2 billion for Detour Lake and Upper Beaver.
- The Detour Lake push would add an underground operation that targets more than one million ounces a year, extends the mine to 2054, and adds about 800 jobs.
- Upper Beaver carries a spend of more than $1 billion, with expected output of about 210,000 ounces of gold and 3,600 tonnes of copper a year over a 14-year life and about 800 jobs.
- Chief financial officer Jamie Porter said a construction call on Upper Beaver is planned for next year, with a Hope Bay decision in Nunavut expected next week.
- Ontario’s energy and mines minister credited permitting changes for the commitment and said the program would support about 1,600 new jobs.