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
Doctors ask Liberal government to reconsider capital gains tax change
The Canadian Medical Association is asking the federal government to reconsider its proposed changes to capital gains taxation, arguing it will affect doctors' retirement savings.
Keeping these exotic pets is 'cruel' and 'dangerous,' Canadian animal advocates say
Canadian pet owners are finding companionship beyond dogs and cats. Tigers, alligators, scorpions and tarantulas are among some of the exotic pets they are keeping in private homes, which pose risks to public safety and animal welfare, advocates say.
Prince William and wife Kate thank public for birthday messages for son Louis
Prince William and his wife Kate thanked the public for their messages which had been sent to mark the sixth birthday of their youngest son Louis on Tuesday.
She was the closest she'd ever been to meeting her biological father. Then life dealt her a blow
Anne Marie Cavner was the closest she'd ever been to meeting her biological father, but then life dealt her a blow. From an unexpected loss to a host of new relationships, a DNA test changed her life, and she doesn't regret a thing.
How quietly promised law changes in the 2024 federal budget could impact your day-to-day life
The 2024 federal budget released last week includes numerous big spending promises that have garnered headlines. But, tucked into the 416-page document are also series of smaller items, such as promising to amend the law regarding infant formula and to force banks to label government rebates, that you may have missed.
Which foods have the most plastics? You may be surprised
'How much plastic will you have for dinner, sir? And you, ma'am?' While that may seem like a line from a satirical skit on Saturday Night Live, research is showing it's much too close to reality.
'Catch-and-kill' strategy to be a focus as testimony resumes in Trump hush money case
A veteran tabloid publisher was expected to return to the witness stand Tuesday in Donald Trump's historic hush money trial.
Quebec farmers have been protesting since December. Is anyone listening?
Upset about high interest rates, growing paperwork and heavy regulatory burdens, protesting farmers have become a familiar sight across Quebec since December.
South Korean sentenced to 14 months in jail for killing 76 cats
South Korean man has been sentenced to 14 months in prison for killing 76 cats in one of the country's most gruesome cases of animal cruelty in recent years.