Agnico Eagle to Redevelop Nunavut’s Hope Bay Mine With $2.4 Billion Plan

Overview

• Agnico Eagle said Tuesday it will restart and rebuild the Hope Bay gold mine in Nunavut after a study projected more than 400,000 ounces a year for 11 years.
• The company budgeted about US$2.4 billion for an underground operation that rebuilds the processing plant, adds a 37‑megawatt diesel power station, upgrades tailings, buys mobile equipment, and drives roughly 33 kilometres of new workings, with first gold targeted in 2030.
• Ottawa will contribute $25 million for a wind turbine project at the site, and the Department of National Defence will share expertise on delivering large projects in the North.
• Natural Resources Canada projects close to 2,000 jobs for Indigenous groups in the region and about US$1.89 billion in added exports once the mine is redeveloped.
• The mine began production in 2017 under TMAC but struggled with a poorly performing mill, and Agnico acquired it in 2021 after Canada blocked a sale to China’s Shandong Gold near the strategic Northwest Passage.