Agnico Eagle to begin redevelopment of Hope Bay gold mine in Canada’s Arctic
Agnico Eagle is set to begin the redevelopment of the Hope Bay gold mine in Canada's Arctic, which could create nearly 2,000 jobs for indigenous communities. The project is expected to boost Canada's exports by approximately US$1.89 billion. The redevelopment will be supported by a US$25 million federal investment for infrastructure improvements, including a wind turbine plant.
- ▪Agnico Eagle plans to invest US$2.4 billion to redevelop the Hope Bay Mine.
- ▪The mine has the potential to produce about 400,000 ounces of gold annually.
- ▪The redevelopment will create close to 2,000 jobs for indigenous groups in the region.
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Open this photo in gallery:The mine could support close to 2,000 jobs for indigenous groups in the region and is expected to increase Canada’s exports by US$1.89-billion, Natural Resources Canada says.Fred Lum/The Globe and MailShareSave for laterPlease log in to bookmark this story.Log InCreate Free AccountAgnico Eagle AEM-T will begin redevelopment of the Hope Bay Mine in the remote Arctic, Natural Resources Canada said on Tuesday.Agnico, the world’s second-largest gold miner by production, acquired the Hope Bay Mine, located in the northern territory of Nunavut, when it bought Canadian miner TMAC Resources in 2021, according to its website. It suspended production the following year to carry out exploration work at the site.
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