Agnico Eagle Mines Ltd. is going ahead with a $2.4-billion US redevelopment of its Hope Bay gold mine project in Nunavut where it plans to continue an aggressive exploration program.
Agnico Eagle chief executive Ammar Al-Joundi said Tuesday the construction and redevelopment of Hope Bay will support the long-term sustainability of its Nunavut operations.
“We are also proud that this investment will contribute to the economic development of Northern Canada and enable meaningful, long term economic participation for Indigenous organizations and partners, including the Kitikmeot Inuit Association,” Al-Joundi said in a statement.
The company said the initial capital cost of the project includes reconstruction of the processing facility, the addition of a 37-megawatt diesel generator power plant, mobile equipment, upgrades to the tailings facility, and about 33 kilometres of underground development.
Once complete, Agnico Eagle estimates annual gold production from the mine at between 400,000 and 435,000 ounces, with an initial mine life of 11 years and upside potential.
The project is expected to create more than 2,000 direct and indirect jobs and meaningful economic participation for Indigenous organizations and partners, including the Kitikmeot Inuit Association.
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