The mining newspaper for Alaska and Canada's North
The mining newspaper for Alaska and Canada's North
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Meliadine and Amaruq produce 223,500 oz gold; company encouraged by Hope Bay drill results. For Agnico Eagle Mines Ltd., the remote but highly mineralized territory of Nunavut offers high rewards, as long as the high risks that come with building and operating mines in Canada's remote North are managed. Given the nearly 900,000-ounce-of-gold-per-year pace of production at its Meliadine and Amaruq mines so far this year, coupled with new gold discoveries that bode well for its...
Stratabound changes name to Lode Gold Resources Ltd.; plans to spinout Canadian gold assets and reports 2024 exploration strategy. In recent market buzz about the emerging gold district in southeastern Yukon, one junior says its promising assets have been largely overlooked by investors, resulting in its shares being significantly undervalued. Lode Gold Resources Ltd., known until January as Stratabound Mineral Resources Corp., says its name change signals ongoing growth and...
Toward its strategy to develop the full potential of existing gold mining operations and a key pipeline project, Agnico Eagle Mines Ltd. invested more than US$100 million on exploring this politically attractive and stable jurisdiction in Canada's Far North during 2023. This robust 2023 exploration began with a US$79.6 million budget for its three primary assets in Nunavut – Hope Bay, Meliadine, and Meadowbank – but given the early success, the company added US$21.5 million to...
Continuing a tradition of robust investments to unlock the enormous gold potential on its Nunavut properties, Agnico Eagle Mines Ltd. budgeted more than US$90 million on exploring this politically attractive and stable jurisdiction in Canada's Far North during 2022. Going into the year, Agnico already had an aggressive US$60.2 million exploration campaign budgeted for its three gold mine and regional exploration properties in Nunavut. Given the success of this work, by...
With mineral exploration expenditures nearly doubling over the past year, Nunavut has dethroned Yukon as the most popular Canadian territory to discover and expand deposits of industrial, precious, and critical minerals. According to preliminary estimates published by Natural Resources Canada, roughly C$232.4 million (US$173.7 million) will be spent on exploration and deposit evaluation in Nunavut this year, a 95% leap from over the C$119.2 million (US$89.1 million) invested...
Mineral exploration activity in Nunavut intensified in 2021 as mining companies mounted larger and more extensive programs in response to stronger capital markets, government infrastructure initiatives, and the easing of restrictions imposed to curb effects of the ongoing Covid-19 pandemic. Spanning 2 million square kilometers (about 782,000 square miles), the territory has 25 communities and about 39,353 residents, of whom 84% are Inuit. Nunavut has no roads, and all but one...
For Agnico Eagle Mines Ltd., 2021 proved to be a transformative year at its operations in Nunavut. The gold miner acquired a third mine in the Far North Canadian territory, completed extensive exploration programs at its mine properties in Nunavut, and edged closer to its goal of zero carbon emissions from its operations by 2050. Agnico also entered a proposed merger-of-equals agreement with Kirkland Lake Gold, a combination that would create the third-largest gold miner in...
Looking to strengthen the gold mine platform it is building in Nunavut, Agnico Eagle Mines Ltd. is investing roughly US$33 million into exploring its three main assets in the Canadian territory – Meliadine mine, Meadowbank Complex, and the recently acquired Hope Bay mine. This robust investment in Nunavut is part of US$163 million of exploration the company has budgeted for all of its assets, which is substantially higher than the US$113 million invested in exploration d...
Nunavut is one jurisdiction in Canada with a favorable economic outlook in the face of the COVID-19 pandemic, according to a recent economic analysis completed by the Conference Board of Canada. The reason: Nunavut's mining sector, which remained mostly intact in 2020, accounted for more than one-third of its economy, a higher share than in every other Canadian province or territory. Projected to have expanded 6.1% last year, Nunavut's economy is forecast to grow 13.2% in...
Already headed toward the lowest level of annual mineral exploration spending in nearly two decades, the mining industry in Nunavut got broadsided by the coronavirus pandemic in 2020. Travel and workplace restrictions quickly imposed last spring by federal and local authorities to prevent the spread of the disease to the northern territory led some companies to cancel or postpone planned exploration programs until 2021. In February, Natural Resources Canada released figures...
Agnico Eagle Mines Ltd. viewed the start of gold production from its Amaruq and Meliadine mines in Nunavut during 2019 as an inflection point that marked a new era for the company's endeavors in this geologically blessed, politically attractive, and stable northern Canadian Territory jurisdiction. The Toronto-based gold miner, however, did not envision this new era starting with a global pandemic that would suspend operations at its new mines and change the modus operandi at...
In what could be the best outcome of Ottawa blocking Shandong Gold Mining's bid to acquire TMAC Resources Inc., Agnico Eagle Mines Ltd. has agreed to buy out its fellow Nunavut gold miner for C$286.6 million. TMAC Resources, which got off to a rocky start of operations at its Hope Bay gold mine in Nunavut, has been looking for a company with the financial wherewithal and mining expertise to make the northern Canada operation a success. Under an agreement reached in May,...
In a move that prevents a Chinese state-owned company from grabbing a foothold along the Northwest Passage in Canada's Arctic, officials in Ottawa have blocked Shandong Gold Mining Co. Ltd.'s bid to acquire TMAC Resources Inc., which owns and operates the Hope Bay gold mine in the Kitikmeot region of northwestern Nunavut. While stopping Shandong Gold Mining from acquiring the Nunavut operation quashed what many Canadians considered to be a threat to national security, it also...
TMAC Resources Inc. Oct. 15 announced that Ottawa has ordered a national security review of Shandong Gold Mining Co. Ltd.'s acquisition of TMAC and its Hope Bay gold mine in the Kitikmeot region of northwestern Nunavut. Under a definitive agreement announced in May, Shandong Gold Mining (HongKong) Co., an overseas subsidiary of the state-owned Chinese gold mining company, would pay roughly US$149 million (C$208 million) to acquire all TMAC shares. The sale of a producing gold...
Until novel coronavirus ignited a global pandemic that plunged the world economy into recession, foreign investors, except for a lucky few, have salivated from afar over the bountiful mineral riches that others are mining in the vast reaches of Canada's northern territories. But with COVID-19 on the march and no cure or proven vaccine for the deadly malady in sight, traditional sources of capital markets have dried up, leaving many mining companies, especially those with...
The Hope Bay gold mine will come under Chinese ownership with the finalization of a deal that would see Shandong Gold Mining Co. Ltd. buy full ownership of TMAC Resources Inc., the current owner and operator of the gold operation in the Kitikmeot region of northwest Nunavut. Under a definitive agreement announced on May 8, Shandong Gold Mining (HongKong) Co., an overseas subsidiary of the state-owned Chinese gold mining company, will pay roughly US$149 million (C$208 million)...
Thanks to the start-up of new mines, The Conference Board of Canada forecasts the economies of Canada's territories to grow significantly over the next two years. In Territorial Outlook Economic Forecast: Summer 2019, The Conference Board of Canada foresees the combined economies of Nunavut, Northwest Territories and Yukon expanding by 5.3 percent in 2019 and 4.4 percent in 2020. "Territorial economies are being positively impacted by new mines that are propelling growth in...
TMAC Resources Inc. May 1 announced continued improvements at its Doris Mine, resulting in the first positive earnings for this gold operation on the company's Hope Bay property in Nunavut. The 40,050 ounces of gold produced at Doris during the first quarter of this year is nearly an 18 percent increase over the previous production record of 34,080 oz set during the final three months of 2018. While 1,610 metric tons per day average mill throughput during the first quarter was...
TMAC Resources Inc. Feb. 21 announced that its Doris Mine on its Hope Bay property in Nunavut achieved record gold production of 34,080 ounces during the fourth quarter. Building on the improvements achieved in the third quarter, the processing plant processed 164,900 metric tons of ore, or about 1,800 metric tons per day, with a grade of 7.8 grams per metric ton gold and achieved an average recovery of 82 percent during the three months ended Dec. 31. "TMAC is pleased to...
TMAC Resources Inc. June 14 reported that the addition of a Falcon gravity concentrator to the recovery circuit processing ore from the Doris Mine at the company's Hope Bay project has resulted in record monthly gold production at the Nunavut operation. The mill at Hope Bay reached commercial production last May, but poor gold recoveries has hampered the ability to reach full operating capacity. "TMAC's recent metallurgical tests have indicated that at least 70 percent of the...
Twenty years ago, Canada created the territory of Nunavut, carving out the easternmost part of the Northwest Territories to form the country's northernmost jurisdiction. A vast land of lakes and tundra sprawled across the North from the Hudson Bay to the Arctic Ocean and east to Baffin Bay and the coastal waters of Greenland, Nunavut is home to only about 38,000 people, of whom 85 percent are indigenous Inuit who have lived in this frozen land for millennia. Since 1999,...
The two mega-mergers that hit the gold mining sector early in 2019 – Barrick Gold Corp. combining with Randgold Resources Ltd. and Newmont Mining Corp. acquiring Goldcorp Inc. – is forever changing the gold mining landscape around the world. While the two largest gold mining companies Newmont Goldcorp (No. 1) and Barrick (No. 2) are still in the process of shedding assets following the mega-mergers, it seems that Newmont Goldcorp will emerge with a much stronger foothold in...
More than halfway through its third year as a gold producer at the Hope Bay Property in Nunavut, TMAC Resources Inc. is also emerging as a top mineral explorer in Canada's northernmost territory. The Toronto-based company's Doris Mine at Hope Bay is one of only three producing gold mines in Nunavut. Situated in the Kitikmeot Region in northwestern Nunavut, Doris is the first gold deposit brought into commercial-scale production at the remote mining operation. For more than 30...
Canada is the world's top destination for mining exploration spending, attracting more than 14 percent of global budgeted expenditures from explorers seeking to tap the country's vast mineral wealth. Yet in 2017, the three huge mineral-rich territories to the north, Nunavut, Northwest Territories and Yukon Territory, lured only about C$360 million, or less than one-fifth of the roughly $2.1 billion that junior and senior mining companies invested in mineral exploration and dep...
Since reaching commercial production at the Doris Bay Mine in 2017, TMAC Resources Inc. has been working toward achieving the gold recoveries, ore throughput and gold output envisioned for this operation on its Hope Bay property in Nunavut. Improvements made to the recovery circuits are obtaining this goal. In May, the mill at Hope Bay produced 9,850 ounces of gold from 28,900 metric tons of ore averaging 12.7 grams per ton gold. This is a 28 percent improvement over November...
