The Ontario government and Canada’s largest mining company, Agnico Eagle Mines, announced $14 billion of planned spending and investment in the province by the end of 2030.
Agnico Eagle is planning to spend and invest $12 billion 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 Upper Beaver gold-copper project, creating up to 1,600 jobs.
“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 Ontario Minister of Energy and Mines 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.”
The Detour Lake underground project, located 185 kilometers northeast of Cochrane, will expand production beneath the existing open-pit operation and extend the mine life to 2054. The project is expected to increase the annual gold production to more than 1 million ounces.
The Upper Beaver gold-copper project, located 5 km northeast of Dobie, will seek to redevelop a historic mine into a modern underground and open-pit operation, including a mine, processing facility and related infrastructure. It will have a mine life of 14 years with an estimated annual production of 210,000 oz. of gold and 3,600 tonnes of copper.
Agnico Eagle’s Ontario operations contributed $5.3 billion to the provincial economy in 2025, including $2 billion in spending with Ontario suppliers.
Source: Government of Ontario