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 HomeMiningAgnico Eagle to build $2.4 billion gold mine in Canada's ArcticMark Carney government hails project as an anchor for economic development in the strategically important Arctic regionAuthor of the article:Last updated 11 minutes ago You can save this article by registering for free here. Or sign-in if you have an account.Ammar Al-Joundi, chief executive of Agnico Eagle Mines Ltd., speaks during the miner's annual general meeting in Toronto, April 26, 2024. “Hope Bay has the potential to evolve into a long-life, district-scale mining camp for decades to come,” Al-Joundi said of the company's Arctic project. Photo by Cole Burston /BloombergAgnico Eagle Mines Ltd. is moving ahead with a large gold mine in Canada’s far north, a project being hailed by Prime Minister Mark Carney’s government as an anchor for economic development in the strategically important Arctic region.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 AccountorThe company gave the green light to the Hope Bay mine and plans to spend about $2.4 billion on initial capital costs, according to a news release Tuesday.“Hope Bay has the potential to evolve into a long-life, district-scale mining camp for decades to come,” Ammar Al-Joundi, Agnico Eagle’s chief executive, said in a statement.Get the latest headlines, breaking news and columns.By signing up you consent to receive the above newsletter from Postmedia Network Inc.A welcome email is on its way. If you don't see it, please check your junk folder.The next issue of Top Stories will soon be in your inbox.We encountered an issue signing you up. Please try againThe company estimates the mine will produce between 400,000 and 435,000 ounces of gold annually. Agnico Eagle mined 3.45 million ounces of gold and 2.5 million ounces of silver, along with zinc and copper, in 2025.The project is also a boost to the Carney government’s effort to strengthen Canada’s Arctic infrastructure, both civilian and military. It’s expected to boost Canadian exports by $2.6 billion a year and support close to 2,000 jobs, “along with providing significant economic benefits to Indigenous organizations and partners,” the office of Tim Hodgson, Canada’s minister of energy and natural resources, said in a statement.The Canadian government is putting in $25 million to develop a related wind power project that will add 4.2 megawatts of power for the mine, along with battery storage.The Canadian military is also signing a knowledge-transfer agreement with Agnico Eagle to “gain insights on delivering large infrastructure projects in the North and addressing Arctic construction constraints,” Hodgson’s office said.The Hope Bay Project was acquired by Agnico Eagle in 2021 after Canada blocked an attempted purchase by China’s Shandong Gold Mining Co. on national security grounds.That move, made under former prime minister Justin Trudeau, came during a tense period between the two countries due to Canada’s 2018 arrest of a Huawei Technologies Co. executive on a U.S. extradition request, and the subsequent detention of two Canadians by Chinese authorities.Carney visited Beijing in January and signed a trade pact with Chinese President Xi Jinping that eased tariffs on both sides.Agnico Eagle operates two other gold mines in the Nunavut region, and recently said it plans to invest about $14 billion over a number of years into various projects in Ontario. 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.