Agnico Eagle Says Canadian Mining Project Could Pay Off for 'Decades to Come'

By Connor Hart

Agnico Eagle Mines expects its Hope Bay project--located in Nunavut, Canada--to produce between 400,000 and 435,000 ounces of gold annually.

The Toronto-based miner on Tuesday said it has completed a preliminary economic assessment for its Hope Bay project, outlining an initial mine life of 11 years and seeing potential for substantial additional upside from exploration across the region.

The site is thought to have a mineral resource base of 5.79 million ounces of gold in the measured and indicated category, as well as 3.33 million ounces of gold in the inferred category.

Agnico Eagle expects initial capital expenditures tied to the site's development to come in at about $2.4 billion. The cost includes the reconstruction of a processing facility, the addition of a 37 megawatt diesel generator power plant, mobile equipment and underground development.

Chief Executive Ammar Al-Joundi said Hope Bay has "the potential to evolve into a long-life, district-scale mining camp for decades to come."

"The construction and redevelopment of Hope Bay will support the long-term sustainability of our Nunavut operating platform at between 800,000 ounces and 1 million ounces of annual gold production and represents the first major milestone toward delivering our targeted 20% to 30% production growth over the next decade," he added.

Write to Connor Hart at connor.hart@wsj.com

Corrections & Amplifications

This article was corrected at 8:46 a.m. ET because it incorrectly said the company released its report on Monday. Agnico Eagle Mines said Tuesday that it has completed a preliminary economic assessment for its Hope Bay project.

(END) Dow Jones Newswires

May 19, 2026 06:51 ET (10:51 GMT)