Agnico Eagle Mines Limited plans to spend as much as $14 billion in Ontario by 2030, the Ontario government has announced.

Through the investment, the Toronto-based company, which is also Canada’s largest mining enterprise 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.

Agnico Eagle also plans to invest an additional $2 billion in the Detour Lake Underground project and the Upper Beaver gold-copper project, creating up to 1,600 jobs, adding nearly $5 billion to Ontario’s GDP.

“Ontario is becoming the mining and critical minerals capital of the G7, and this investment sends a powerful message to the world: Ontario is open for business,” said Energy Minister Stephen Lecce. “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.”

The Ontario government says recent changes to its mining permitting process, including the new One Project, One Process, are positioning the province as a global leader in responsible resource development. By streamlining approvals, reducing duplication and improving coordination across ministries, the government says it 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 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.

The Upper Beaver gold-copper project, located approximately five kilometres northeast of Dobie, will seek to redevelop a historic mine into a modern underground and open-pit gold-copper operation, including a mine, processing facility and related infrastructure.

The expansion is anticipated to cost over $1 billion, create approximately 800 jobs, and have a mine life of 14 years with an estimated annual production of 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.”

The province has also announced plans to bring forward an additional package of red tape reduction to further streamline approvals for early and advance exploration and further accelerate mining permitting timelines for expansions of existing mines.

Ontario’s mining sector supports 28,000 direct jobs and 46,000 indirect jobs through associated mineral processing and supply services. There are currently 37 active mining operations in Ontario; 19 are gold mines.

Agnico Eagle’s Ontario operations contributed $5.3 billion to the provincial economy in 2025, including $2 billion in spending with Ontario suppliers. The company supports more than 4,700 jobs across Ontario, including over 300 Indigenous employees.

In 2025, it spent nearly $625 million with Indigenous suppliers and made over $80 million in direct payments to First Nations partners in the province.

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