Agnico-Eagle to invest $14 billion in northeastern Ontario
Agnico-Eagle Mines Ltd. [AEM-TSX, AEM-NYSE], already one of the world’s leading gold miners, is making a landmark investment of $14 billion in its operations and assets in northeastern Ontario over the next five years.
Ammar Al-Joundi, Agnico’s President and CEO, made the announcement at George Brown College in Toronto on May, 123, 2025, an event hosted by the Ontario government to promote its mining friendly policies and reported in a Scotiabank investment newsletter. Of that amount, $12 billion is earmarked for across-the-board spending on its mining operations, and development programs on its Ontario properties.
Agnico operates mainly in the Abitibi region of the northeast of Ontario, where its massive Detour Lake open pit is situated near the Quebec border, northeast of Cochrane and Kirkland Lake, where the historic Macassa mine complex has been running for over 90 years.
Ontario Energy and Mines Minister 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 regime.
“What this planned $14 billion investment represents is hope for our economy, and a message that we can do big things at scale, we move with speed, we can unlock resources responsibly, and we can lift our economy and sovereignty together,’’ Lecce said.
Published reports say Al-Joundi wasn’t too specific about how the entire $14 billion will be allocated toward specific items or improvements. However, he said $2 billion is earmarked for a major underground expansion at Detour Lake. Funds will also be directed towards 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 ranks as the third largest gold producer in the world. producing precious metals from operations in Canada, Australia, Finland and Mexico. In the first quarter of 2026, the company reported payable production of 825,109 ounces, putting the company on track to produce a targeted 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 metres and overburden removal commencing for the conveyor-ramp portal.
At Upper Beaver, development of the exploration ramp and shaft is continuing to advance ahead of schedule, reaching depths of 108 metres and 382 metres respectively. During the first quarter, the company launched a high-intensity drilling program targeting a portion of the Upper Beaver deposit between approximately 500 and 600 metres depth to complement the bulk sample planned at the 760 level.
On Thursday, Agnico-Eagle shares eased 1.30% or $3.49 to $265.01. The shares trade in a 52-week range of $348.94 and $144.21.