Northeastern Ontario glitters with record gold prices and municipal leaders see lots of pluses – by Nishat Chowdhury (CBC News Sudbury – April 15, 2024)

Gold prices topped $2,400 US an ounce last week

Record-high gold prices are welcome news for mining operations in northeastern Ontario as the metal continues to surge in the market. Gold prices topped $2,400 US an ounce last week, a 20 per cent increase from the same time in 2023.

Some mayors from northeastern communities say the gold rush has helped local economies. “It’s been excellent for the community,” said Mark Stickel, mayor of Matachewan, home of the Young-Davidson mine located 60 kilometres west of Kirkland.

He said there was a demand for housing among both local workers employed by the mine and those commuting from other communities, which also extended to rental properties. The community’s small businesses, such as restaurants and stores, also felt the demand, Stickel said. “The generation of income became very substantial to us,” he said.

Ripple effect on business

In Timmins, there’s increased investment in exploration activities due to the rise in gold prices, said Mayor Michelle Boileau, especially after the opening of the Côté Gold mine near Gogma, halfway between Sudbury and Timmins.

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