In one of the company’s first public addresses since merging with Kirkland Lake Gold in February and becoming the third-largest gold miner in the world (ranked by Canadian Mining Journal for the first half of 2022), Andre Leite, Agnico Eagle’s Ontario vice-president, said he sees more growth potential in northeastern Ontario.
That’s what he told local stakeholders at the Timmins chamber’s State of Mining conference Wednesday afternoon, saying there’s potential to dramatically boost output at Canada’s largest gold mine: the Detour Lake open pit.
It is currently producing more than 20 tons a year and Leite said production can be increased to more than 30 tons by developing an underground mine at the site. “It’s still early stages,” Leite said in an interview.
“We’re still working towards the more detailed analysis of what that will look like, what type of mine rates and the technical details, but we do see the potential.” In his presentation, Leite highlighted more than $1 billion spent on goods and services, most of which stayed within the region, as well as $115 million invested in mining exploration.