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
Former homicide detective explains how police will investigate shooting outside Drake's Bridle Path mansion
Footage from dozens of security cameras in the area of Drake’s Bridle Path mansion could be the key to identifying the suspect responsible for shooting and seriously injuring a security guard outside the rapper’s sprawling home early Tuesday morning, a former Toronto homicide detective says.
RCMP not investigating possible foreign interference cases related to Chiu, Dong: Duheme
Canada's federal police force is not investigating any possible instances of foreign interference in the cases of former Conservative MP Kenny Chiu and Liberal-turned-Independent MP Han Dong, RCMP Commissioner Mike Duheme says.
Stormy Daniels describes meeting Trump during occasionally graphic testimony in hush money trial
Stormy Daniels took the witness stand Tuesday at Donald Trump's hush money trial, describing for jurors a sexual encounter the porn actor says she had with him in 2006 that resulted in her being paid off to keep silent during the presidential race 10 years later.
Federal government grants B.C.'s request to recriminalize hard drugs in public spaces
The federal government is granting British Columbia's request to recriminalize hard drugs in public spaces, nearly two weeks after the province asked to end its pilot project early over concerns of public drug use.
Bye-bye bag fee: Calgary repeals single-use bylaw
A Calgary bylaw requiring businesses to charge a minimum bag fee and only provide single-use items when requested has officially been tossed.
CFL suspends Argos QB Chad Kelly at least nine games following investigation
The CFL suspended Toronto Argonauts quarterback Chad Kelly for at least nine regular-season games Tuesday following its investigation into a lawsuit filed by a former strength-and-conditioning coach against both the player and club.
Boy Scouts of America changing name for first time in 114 years, aiming for inclusivity
The Boy Scouts of America is changing its name for the first time in its 114-year history and will become Scouting America. It's a significant shift as the organization emerges from bankruptcy following a flood of sexual abuse claims and seeks to focus on inclusion.
opinion Tom Mulcair: Trudeau's handling of Poilievre's 'wacko' House turfing a clear sign of Liberal desperation
When Speaker Greg Fergus tossed out Pierre Poilievre from the House last week, "those of us who have experience as parliamentarians simply couldn't believe our eyes," writes former NDP leader Tom Mulcair in his column for CTVNews.ca
MPs agree Canadian gov't should improve new disability benefit
The federal government needs to safeguard the incoming Canada Disability Benefit from clawbacks and do more to ensure it actually meets the stated aim of lifting people living with disabilities out of poverty, MPs from all parties agree.