There was a festive atmosphere at the inauguration of Newmont Goldcorp's new Borden Gold Mine site near Chapleau, west of Timmins on Monday.

It's Canada's first all-electric mine, eliminating the use of diesel, which the company says will be good for the environment and for the health of employees.

The ribbon cutting marks the official beginning to a project that's been years in the making.

Newmont Goldcorp has been collaborating with local, provincial, and federal governments along with local First Nations to bring the world’s first 'green' gold mine to northern Ontario.

Mine official Marc Lauzier, the general manager at Goldcorp Porcupine Gold Mines, says the industry is watching.

"I know other companies are looking at what we’re doing and are already speaking to us about some of this. I think everybody’s watching closely and everybody just wanted somebody to execute on something like this. Other companies have tried too. We’re not the first try, but I think we’re going to be the first to succeed,” said Lauzier.

The general manager says making the mine 'green' involves replacing diesel equipment with electric, as well new blasting and ventilation technologies.

He says the federal and provincial governments also contributed $5-million to help with to changeover to electric.

Ontario’s Minister of Energy, Mines and Northern Development, Greg Rickford, says this just adds to northern Ontario's world-leading industries.

"We couldn’t be more thrilled at the prospect of setting a new standard for the mining sector that’s right here in Ontario. We lead the financial marketplace for the mining sector, now we lead in various technologies and lead Canada in terms of our mineral production,” said Rickford.

The new mine promises to create at least 200 jobs, and it's hoped commercial production can begin later this year, with at least an 8-year lifespan.

Meanwhile, officials say the Borden Mine has set a standard of how the industry should operate and expect more mines to be built this way in the future.