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Gold Miner Agnico Eagle commits to spend $10.2 billion in Ontario, Canada by 2030

Kitco Media
By Reuters
Published:
Updated:
Reuters
Gold Miner Agnico Eagle commits to spend $10.2 billion in Ontario, Canada by 2030 teaser image

TORONTO, May 13 (Reuters) - Canadian miner Agnico Eagle has ​committed to spending $10.2 billion by ‌2030 towards exploration, development, and operations in gold mining in Ontario, ​Canada, the provincial government ​said on Wednesday. Here are ⁠some of the details.

Agnico ​to invest an additional $1.46 billion to ​expand production at its Detour Lake and redevelop the Upper Beaver ​gold-copper mine.

Detour Lake is Canada's ​largest gold-producing mine, according to the ‌government ⁠of Ontario statement.

The investment in Detour Lake will be used to extend the life of ​the ​mine until ⁠2054.

These investments are expected to create up ​to 1,600 jobs and ​add $3.65 ⁠billion to Ontario’s GDP.

The Ontario government has vowed to cut ⁠red ​tape for mining ​companies to speed up projects.

Divya Rajagopal in ​Toronto; Editing by Aurora Ellis

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