Ontario Construction News staff writer
Agnico Eagle Mines Ltd. plans to invest $14 billion in Ontario mining projects and operations by the end of 2030, including major expansions at the Detour Lake and Upper Beaver projects in northeastern Ontario.
The company said approximately $12 billion will be directed toward operating, development and exploration assets across the province, while an additional $2 billion is planned for the Detour Lake Underground project and the Upper Beaver gold-copper project.
Agnico Eagle Mines Limited said the investments are expected to support its existing Ontario workforce of more than 4,100 employees and create up to 1,600 additional jobs tied to the two expansion projects.
“Major private-sector commitments like this strengthen Canada’s competitiveness, create high-quality jobs, and help build resilient domestic supply chains at a time when global demand for responsibly developed resources has never been greater,” said Candace Laing, president and CEO, Canadian Chamber of Commerce. “The Canadian Chamber of Commerce welcomes Ontario’s efforts to create a more efficient and predictable environment for investment while maintaining strong environmental standards and meaningful partnerships with Indigenous communities.
“This announcement reinforces Ontario’s position as a global leader in responsible mining and resource development.”
The Detour Lake Underground project, located northeast of Cochrane, would extend mining beneath the existing open pit operation at the Detour Lake mine, currently Canada’s largest gold mine. The company estimates the underground expansion would require about $1 billion in capital investment, create approximately 800 jobs and extend the mine’s life to 2054.
If approved, Agnico Eagle said the project could increase annual gold production at the site to more than one million ounces.
The proposed Upper Beaver gold-copper project, northeast of Kirkland Lake near Dobie, would redevelop a historic mine into a combined underground and open-pit operation with a processing facility and related infrastructure. The company estimates the project would cost more than $1 billion, create about 800 jobs and operate for 14 years, producing an estimated 210,000 ounces of gold and 3,600 tonnes of copper annually.
Agnico Eagle president and chief executive officer Ammar Al-Joundi said Ontario remains central to the company’s long-term growth plans and pointed to ongoing investments in mining operations and exploration projects in the province.
The announcement comes as the Ontario government continues to promote changes to the province’s mining approval system aimed at reducing permitting timelines and streamlining approvals for exploration and mine expansion projects. Critics of accelerated permitting processes have previously raised concerns about environmental oversight and consultation with Indigenous communities, although the province says environmental standards and consultation requirements remain in place.
Ontario wants to be a major supplier of critical minerals and metals as governments and industry push for expanded domestic supply chains for electric vehicles, battery manufacturing and resource development.
