Canada's largest gold mine, an open pit in northern Ont., looks to expand underground
In one of the company’s first public addresses since merging with Kirkland Lake Gold in February and becoming the third-largest gold miner in the world (ranked by Canadian Mining Journal for the first half of 2022), Andre Leite, Agnico Eagle’s Ontario vice-president, said he sees more growth potential in northeastern Ontario.
That’s what he told local stakeholders at the Timmins chamber’s State of Mining conference Wednesday afternoon, saying there’s potential to dramatically boost output at Canada’s largest gold mine: the Detour Lake open pit.
It is currently producing more than 20 tons a year and Leite said production can be increased to more than 30 tons by developing an underground mine at the site.
"It’s still early stages," Leite said in an interview.
"We’re still working towards the more detailed analysis of what that will look like, what type of mine rates and the technical details, but we do see the potential."
In his presentation, Leite highlighted more than $1 billion spent on goods and services, most of which stayed within the region, as well as $115 million invested in mining exploration.
One of its newer projects is the Upper Beaver gold mine near Kirkland Lake, expected to begin production in 10 years and generate just under eight tons of gold per year.
As well, the company is expecting decades of extra mine life from its Macassa mine, itself more than a century old and produces some of the highest-grade gold in the world.
Though Leite lamented the region’s skilled labour shortage stifling some of that progress.
"Generally our vacancy rate’s between five and 10 per cent and changing over time," Leite said.
"The current government is being very receptive to our ideas on what can we do … increasing the quality of life … including more of the first nations communities in our workforce."
He said the region has much work to do to become more attractive to southern Ontario workers.
Training demands are also a challenge that needs overcoming, Leite said, noting that Detour Lake will need at least 150 workers, though it can only train 40 per year itself.
Asked about partnering with other companies to invest in training, infrastructure, health care and other areas that would improve quality of life for northern communities near its work sites, Leite said it can be difficult to coordinate due to differences in urgency felt between companies.
He said Agnico and others may ultimately need to make those investments, along with government and community involvement, even if it may not financially suit them in the short term.
Given the potential for business growth in the area, Timmins chamber president Dan Ayotte said he believes the company can help find solutions.
"They can play a huge role by helping us build new complexes, bring in new stores, work on the housing," Ayotte said.
"The more they spend, the more it snowballs."
Agnico and Pan American Silver are set to jointly acquire one of the world’s largest gold mines, Canadian Malarctic, based in Quebec.
Leite said while extra capital from the move may not directly benefit northern Ontario, it is a sign that the company is willing to make strategic investments and allocate capital to competitive markets like Ontario.
He said its operations in this region have enough cash flow to fund its projects and potential community improvement plans.
CTVNews.ca Top Stories
Grandparent scam: London, Ont., senior beats fraudsters not once, but twice
It was a typical Tuesday for Mabel Beharrell, 84, until she got the call that would turn her world upside down. Her teenaged grandson was in trouble and needed her help.
Deaths of 4 people on Sask. farm confirmed as murder-suicide
The deaths of four people on a farm near the Saskatchewan village of Neudorf have been confirmed a murder-suicide.
CRA no longer requiring 'bare trust' reporting in 2023 tax return
The Canada Revenue Agency announced Thursday it will not require 'bare trust' reporting from Canadians that it introduced for the 2024 tax season, just four days before the April 2 deadline.
Full parole granted to man convicted in notorious 'McDonald's murders' in Cape Breton
The Parole Board of Canada has granted full parole to one of three men convicted in the brutal murders of three McDonald's restaurant workers in Cape Breton more than 30 years ago.
Incident on Calgary's Reconciliation Bridge comes to safe resolution
Nearly 20 hours after a man climbed and remained perched on top of the Reconciliation Bridge in downtown Calgary, the situation came to a peaceful resolution.
Sunshine list: These were the Ontario public sector's highest earners in 2023
Ontario released its annual sunshine list Thursday afternoon, noting that the largest year-over-year increases were in hospitals, municipalities, and post-secondary sectors.
George Washington family secrets revealed by DNA from unmarked 19th century graves
Genetic analysis has shed light on a long-standing mystery surrounding the fates of U.S. President George Washington's younger brother Samuel and his kin.
'We won't forget': How some Muslims view Poilievre's stance on Israel-Hamas war
A spokesman for a regional Muslim advocacy group says Conservative Leader Pierre Poilievre's stance on the Israel-Hamas war could complicate his party's relationship with Muslim Canadians.
Why some Christians are angry about Trump's 'God Bless the USA' Bible
Former U.S. President Donald Trump is officially selling a copy of the Bible themed to Lee Greenwood’s famous song, 'God Bless the USA.' But the concept of a Bible covered in the American flag has raised concern among religious circles.