Skip to Content News Archives Economy Energy Oil & Gas Renewables Electric Vehicles Mining Commodities Agriculture Real Estate Mortgages Mortgage Rates Finance Banking Insurance Fintech Cryptocurrency Work Wealth Smart Money Wealth Management Investor Personal Finance Family Finance Retirement Taxes High Net Worth FP Comment Executive Women Puzzmo Newsletters Financial Times Business Essentials More Innovation Information Technology FP500 Podcasts Small Business Lives Told Tails Told Shopping Financial Post Store Obituaries Place a Notice Advertising Advertising With Us Advertising Solutions Postmedia Ad Manager Sponsorship Requests Classifieds Place a Classifieds ad Working Profile Settings My Subscriptions Saved Articles My Offers Newsletters Customer Service FAQ News Economy Energy Mining Real Estate Finance Work Wealth Investor FP Comment Executive Women Puzzmo Newsletters Financial Times Business Essentials HomeCommoditiesMiningAgnico Eagle to invest $14 billion in its Ontario mines by 2030The commitment will be one of the largest Canadian mining investments in the country’s historyLast updated 2 days ago You can save this article by registering for free here. Or sign-in if you have an account.Agnico Eagle Mines is the world’s second-largest gold producer. Photo by Getty ImagesToronto-based Agnico Eagle Mines Ltd. is making one of the largest mining investments by a Canadian company in the country’s history by investing $14 billion in its portfolio of Ontario gold mines, according to the province’s Ministry of Energy and Mines.Subscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.Subscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.Create an account or sign in to continue with your reading experience.Access articles from across Canada with one account.Share your thoughts and join the conversation in the comments.Enjoy additional articles per month.Get email updates from your favourite authors.Create an account or sign in to continue with your reading experience.Access articles from across Canada with one accountShare your thoughts and join the conversation in the commentsEnjoy additional articles per monthGet email updates from your favourite authorsSign In or Create an AccountorAgnico, the world’s second-largest gold producer, plans to invest $12 billion by 2030 across its Ontario portfolio, which includes mines and exploration assets, according to a press release, and $2 billion into its Detour Lake underground mine project and its Upper Beaver copper-gold project.“Ontario is central to our long-term growth strategy, and the strength of our operations today reflects years of disciplined investment in our people, our partnerships and the communities where we operate,” Agnico chief executive Ammar Al-Joundi said in the release.He said the company also sees a “meaningful opportunity” to advance its project pipeline.Agnico produced 3.4 million ounces of gold last year from mines in Canada, Australia, Finland and Mexico. Within Canada, it has mines in Nunavut, Ontario and Quebec.The company plans to invest $1 billion in its Detour Lake underground project to bring annual production to more than one million ounces of gold.Located 185 kilometres northeast of Cochrane, Ont., the Detour Lake mine currently operates as an open pit mine and is Canada’s largest gold mine. Last year, it produced 692,715 ounces of gold at an all-in sustaining cost of US$879 per ounce.Gold is currently trading at US$4,708 per ounce, down from its all-time high above US$5,589 per ounce in January.The expansion of Detour into an underground mine, in addition to the open pit, would make it one of the world’s largest gold mines, only a few of which produce more than one million ounces per year. The expansion would extend the mine life to 2054 and create 800 jobs, the release said.Agnico also will invest more than $1 billion into its Upper Beaver project in northeastern Ontario, near Kirkland Lake, to create 800 jobs. The mine is expected to produce 210,000 ounces of gold and 3,600 tonnes of copper per year and will operate for 14 years.Energy and Mines Minister Stephen Lecce said Ontario’s mining permitting reform, including its new One Project, One Process framework, is making the province more attractive to miners.“This landmark investment, one of the largest private-sector commitments in modern Ontario history, will create thousands of good-paying jobs,” he said in the release. Get the latest from Gabriel Friedman straight to your inbox Join the Conversation This website uses cookies to personalize your content (including ads), and allows us to analyze our traffic. Read more about cookies here. By continuing to use our site, you agree to our Terms of Use and Privacy Policy.