Agnico Eagle Mines Limited (AEM-TSX, AEMNYSE, one of the world’s leading gold miners, is investing $14 billion in its operations and assets in northeastern Ontario over the next five years.
Ammar El Gendy, President and CEO of Agnico, made the announcement at George Brown College in Toronto on May 12, 2025, an event hosted by the Ontario government to promote its mining-friendly policies and reported in Scotiabank’s investment newsletter. Of this amount, $12 billion is allocated for overall spending on mining operations and development programs for its properties in Ontario.
Agnico operates mainly in the Abitibi region of northeastern Ontario, where the massive Lake Detour open pit is located near the Quebec border, northeast of Cochrane and Kirkland Lake, where the historic Macassa mine complex has been operating for more than 90 years.
Ontario Minister of Energy and Mines Stephen Lecce called the investment “one of the largest to date” in the province’s history and shows strong support for the government’s new permitting system.
“What this planned $14 billion investment represents is hope for our economy, a message that we can do big things at scale, we can move quickly, we can release resources responsibly, and we can lift our economy and sovereignty together,” Lecce said.
Published reports say Elgindy was not very specific about how the entire $14 billion would be allocated to specific items or improvements. However, he said $2 billion has been allocated for a major underground expansion at Detour Lake. The money will also be directed toward the company’s Upper Beaver mine project near Larder Lake, which is scheduled to enter production by 2030.
Agnico-Eagle is a Canadian gold mining company and the third largest gold producer in the world. Production of precious metals from operations in Canada, Australia, Finland and Mexico. In the first quarter of 2026, the company reported outstanding production of 825,109 ounces, putting the company on track to produce its target 3.3 to 3.5 million ounces of gold this year.
At Detour Lake, the company said underground development activities for the underground project are continuing with the exploration ramp reaching a depth of 147 meters and beginning to remove the overburden of the conveyor ramp gate.
In the Upper Beaver area, the exploration ramp and shaft continue to be developed ahead of schedule, reaching depths of 108 meters and 382 metres, respectively. During the first quarter, the Company launched a high-intensity drilling program targeting a portion of the Upper Beaver deposit at approximately 500-600 meters depth to complement the planned aggregate sample at the 760 level.
On Thursday, Agnico-Eagle shares fell 1.30%, or $3.49, to $265.01. Shares are trading in a 52-week range of $348.94 and $144.21.
