By Divya Rajagopal<\/p>\n
HOPE BAY, Nunavut, Canada, May 19 (Reuters) – Canadian miner Agnico Eagle will begin redevelopment of the Hope Bay Mine in the country’s remote \u200cArctic, Natural Resources Canada said on Tuesday.<\/p>\n
Agnico, the world’s second-largest gold miner by \u200cproduction, acquired the Hope Bay Mine, located in the northern territory of Nunavut, when it bought Canadian miner \u200bTMAC Resources in 2021, according to its website. It suspended production the following year to carry out exploration work at the site. The mine has a potential of producing about 400,000 ounces of gold annually, the company said.<\/p>\n
Agnico plans to invest $2.4 billion to redevelop the mine, \u200cNatural Resources Canada said.<\/p>\n
“The Government \u2060of Canada places strong emphasis on catalyzing projects of national significance, those that drive economic growth while strengthening the fabric of the nation,” \u2060Sean Boyd, Agnico’s chair of the board, said in the statement.<\/p>\n
Although the Canadian Arctic is rich in rare minerals, it has very little infrastructure, which, combined with the extreme cold, makes \u200bmining operations \u200bcomplex and costly.<\/p>\n
That is why the redevelopment of \u200bthe mine will be supported by \u200cfederal government funding worth C$25 million ($18.1 million) towards the construction of a wind turbine plant to power the mine, Natural Resources Canada said.<\/p>\n
The mine could support close to 2,000 jobs for indigenous groups in the region and is expected to increase Canada’s exports by $1.89 billion, Natural Resources Canada said.<\/p>\n
“Canadians have been talking about the massive opportunity of the Hope \u200cBay deposit since the 1990s but the time \u200bfor talking is over, and it\u2019s time to build,” \u200bTim Hodgson, Minister of Energy and \u200bNatural Resources, said in the statement.<\/p>\n
Hodgson also announced in the statement \u200can agreement between Agnico Eagle and Canada’s \u200bDepartment of National Defence \u200bfor knowledge transfers between them on delivering large infrastructure projects in the North as part of the government’s strategy to defend Canada’s Arctic sovereignty.<\/p>\n
In March, Canada’s Prime \u200bMinister Mark Carney unveiled \u200ca C$35 billion plan to boost Canada’s defenses in the Arctic as it \u200btries to decrease its reliance on the United States.<\/p>\n
($1 = 1.3744 Canadian dollars)<\/p>\n
(Divya Rajagopal in \u200bHope Bay, Canada; Editing by Christian Schmollinger)<\/p>\n","protected":false},"excerpt":{"rendered":"By Divya Rajagopal HOPE BAY, Nunavut, Canada, May 19 (Reuters) – Canadian miner Agnico Eagle will begin redevelopment…\n","protected":false},"author":2,"featured_media":679516,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[239163,94457,49,48,164611,249623,249624,110449,92309,44],"class_list":["post-679515","post","type-post","status-publish","format-standard","has-post-thumbnail","category-canada","tag-agnico","tag-agnico-eagle","tag-ca","tag-canada","tag-canadian-arctic","tag-canadian-miner","tag-gold-miner","tag-natural-resources","tag-natural-resources-canada","tag-news"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts\/679515","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/comments?post=679515"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts\/679515\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/media\/679516"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/media?parent=679515"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/categories?post=679515"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/tags?post=679515"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}