Agnico Eagle plans major expansion projects in Northern Ontario through 2030
TORONTO — The Ontario government and Agnico Eagle Mines Limited have announced plans for approximately $14 billion in mining-related spending and investment across the province by the end of 2030, marking one of the largest private-sector commitments in Ontario’s mining sector in recent years.
The announcement comes as the province pushes ahead with regulatory reforms aimed at accelerating mine approvals and reducing permitting timelines. Ontario officials said the investment reflects growing international confidence in the province’s mining sector and its strategy to position itself as a global supplier of responsibly sourced minerals.
Under the plan, Agnico Eagle intends to invest roughly $12 billion across its existing operations, development activities and exploration assets in Ontario, while supporting a workforce of more than 4,100 employees. An additional $2 billion is planned for the Detour Lake Underground project and the Upper Beaver gold-copper project.
Provincial officials said the two expansion projects alone are expected to create up to 1,600 jobs and contribute nearly $5 billion to Ontario’s gross domestic product.
“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.”
Province highlights streamlined permitting process
The investment announcement follows recent changes to Ontario’s mining approval framework, including the introduction of the province’s “One Project, One Process” initiative, which is intended to streamline coordination between ministries and reduce duplication in regulatory reviews.
The government said the reforms are designed to shorten project timelines while maintaining environmental oversight and Indigenous consultation requirements.
Ontario has recently emerged as one of the world’s leading destinations for mining investment, according to provincial officials, who cited growing investor confidence in the province’s regulatory environment and critical minerals strategy.
Detour Lake project to extend mine life to 2054
A major portion of the planned investment will focus on the Detour Lake Underground project, located approximately 185 kilometres northeast of Cochrane in Northern Ontario.
The underground expansion is expected to require about $1 billion in capital investment and create approximately 800 jobs. The project would extend the operational life of the existing Detour Lake mine to 2054.
If approved, annual gold production at the site is projected to exceed one million ounces per year, placing the mine among a select group of high-output gold operations globally.
Upper Beaver redevelopment planned near Dobie
Agnico Eagle also plans to redevelop the historic Upper Beaver site, located roughly five kilometres northeast of Dobie, into a combined underground and open-pit gold and copper mining operation.
The project is expected to include a mine, processing facility and related infrastructure, with estimated capital costs exceeding $1 billion.
Provincial officials said the Upper Beaver project is expected to create about 800 jobs over its projected 14-year mine life. Estimated annual production is forecast at 210,000 ounces of gold and 3,600 tonnes of copper.
“Ontario is central to our long-term growth strategy, and the strength of our operations today reflects years of disciplined investment in our people, our partnerships and the communities where we operate,” said Ammar Al-Joundi, Agnico Eagle’s President & Chief Executive Officer. “We value our ongoing collaboration with the Government of Ontario and its continued focus on creating a competitive environment for responsible resources development. Looking ahead, we see meaningful opportunity to build on this foundation by advancing our project pipeline responsibly, while supporting jobs, Indigenous reconciliation, skills development and long-term growth.”
Industry groups welcome investment commitment
The announcement drew support from business organizations and mining industry representatives, who described the investment as a signal of Ontario’s competitiveness in the global mining sector.
Caroline Mulroney, Ontario’s President of the Treasury Board, said the investment aligns with the province’s broader economic strategy.
“As part of our plan to protect Ontario, our government is focused on attracting investment into the province and bringing jobs back home. Today’s announcement is a signal of confidence from the world that Ontario is the best place to work, live, and raise a family.”
Vic Fedeli, Minister of Economic Development, Job Creation and Trade, said the province continues to benefit from stable investment conditions despite broader global uncertainty.
“In the face of global economic uncertainty, Ontario continues to offer companies the stable, reliable and competitive conditions needed to make long-term investments. Agnico Eagle’s $14 billion commitment serves as a resounding vote of confidence in our economy, our workforce and our government’s ongoing work to advance a made-in-Ontario critical mineral supply chain.”
Industry organizations, including the Ontario Mining Association, the Canadian Chamber of Commerce and the Ontario Chamber of Commerce, also endorsed the announcement, highlighting the economic impact of large-scale mining investments and the importance of stable regulatory frameworks.
Ontario’s mining sector currently supports approximately 28,000 direct jobs and 46,000 indirect jobs across mineral processing and supply chain services. The province recorded $13 billion in mineral production in 2024, with gold representing a significant share of output.
The government also said it plans to introduce additional measures to further reduce regulatory barriers for early-stage exploration and mine expansion projects as part of its broader effort to strengthen domestic supply chains and support long-term resource development.