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 t...