TORONTO — Today, supported by aggressive permit reforms and accelerated approvals to build mines faster, the Ontario government and Agnico Eagle Mines Limited (“Agnico Eagle”) are pleased to announce $14 billion of planned spending and investment in the province by the end of 2030. This historic private-sector investment in the province’s mining sector signals strong global confidence in Ontario’s new and accelerated permitting regime, as it emerged for the first time as Canada’s number one and the world’s number two top jurisdiction for mining investment. As part of its plan to protect Ontario’s economy and accelerate growth, the Ontario government is cementing the province’s role as a secure, reliable global supplier of responsibly sourced minerals to create good-paying jobs and build a stronger, more resilient and self-reliant made-in-Ontario supply chain.
Through this investment, Agnico Eagle, Canada’s largest mining company and the world’s second-largest gold producer, is planning to spend and invest approximately $12 billion in total by the end 2030 across its operating, development and exploration assets in the province, supporting its workforce of more than 4,100. The company is also planning to invest an additional $2 billion in the Detour Lake Underground project and the Upper Beaver gold-copper project, creating up to 1,600 good-paying jobs, adding nearly $5 billion to Ontario’s GDP.
“Ontario is becoming the mining and critical minerals capital of the G7, and this historic $14 billion investment sends a powerful message to the world: Ontario is open for business,” said Stephen Lecce. “At a time of global economic uncertainty and intensifying competition for resources, our government has acted to cut red tape, speed up responsible development and create one of the most competitive mining jurisdictions anywhere in the world. This landmark investment, one of the largest private-sector commitments in modern Ontario history, will create thousands of good-paying jobs, drive economic growth in the North, strengthen Indigenous partnerships and secure Ontario’s place as a global leader in responsible mining, critical minerals and resource development for decades to come.”
Recent changes to Ontario’s mining permitting process, including the new One Project, One Process, are delivering real results, positioning the province as a global leader in responsible resource development. By streamlining approvals, reducing duplication and improving coordination across ministries, Ontario has significantly shortened timelines while maintaining rigorous environmental standards and meaningful Indigenous consultation.
Located 185 kilometres northeast of Cochrane, the Detour Lake Underground project will expand production beneath the existing open pit operation. Detour Lake is Canada’s largest gold mine and holds the country’s largest gold mineral reserves. Through the expansion, the project is expected to require approximately $1 billion in capital investment, create 800 good-paying jobs, and extend the life of the existing Detour mine to 2054. If approved, this project is projected to expand annual production of gold to over 1 million ounces per year, placing it in a rare group of high-output, long-life gold mines globally.
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