Ontario’s Plan to Build Mines Faster Attracts Billions in Additional Mining Investment

Press Release

May 13, 2026

Province attracts $14 billion in planned spending and investment from Agnico Eagle by 2030 to expand gold mining

TORONTO — Today, supported by aggressive permit reforms and accelerated approvals to build mines faster, the Ontario government and Agnico Eagle Mines Limited (“Agnico Eagle”) are pleased to announce $14 billion of planned spending and investment in the province by the end of 2030. This historic private-sector investment in the province’s mining sector signals strong global confidence in Ontario’s new and accelerated permitting regime, as it emerged for the first time as Canada’s number one and the world’s number two top jurisdiction for mining investment. As part of its plan to protect Ontario’s economy and accelerate growth, the Ontario government is cementing the province’s role as a secure, reliable global supplier of responsibly sourced minerals to create good-paying jobs and build a stronger, more resilient and self-reliant made-in-Ontario supply chain.

Through this investment, Agnico Eagle, Canada’s largest mining company and the world’s second-largest gold producer, is planning to spend and invest approximately $12 billion in total by the end 2030 across its operating, development and exploration assets in the province, supporting its workforce of more than 4,100. The company is also planning to invest an additional $2 billion in the Detour Lake Underground project and the Upper Beaver gold-copper project, creating up to 1,600 good-paying jobs, adding nearly $5 billion to Ontario’s GDP.

“Ontario is becoming the mining and critical minerals capital of the G7, and this historic $14 billion investment sends a powerful message to the world: Ontario is open for business,” said Stephen Lecce. “At a time of global economic uncertainty and intensifying competition for resources, our government has acted to cut red tape, speed up responsible development and create one of the most competitive mining jurisdictions anywhere in the world. This landmark investment, one of the largest private-sector commitments in modern Ontario history, will create thousands of good-paying jobs, drive economic growth in the North, strengthen Indigenous partnerships and secure Ontario’s place as a global leader in responsible mining, critical minerals and resource development for decades to come.”

Recent changes to Ontario’s mining permitting process, including the new One Project, One Process, are delivering real results, positioning the province as a global leader in responsible resource development. By streamlining approvals, reducing duplication and improving coordination across ministries, Ontario has significantly shortened timelines while maintaining rigorous environmental standards and meaningful Indigenous consultation.

Located 185 kilometres northeast of Cochrane, the Detour Lake Underground project will expand production beneath the existing open pit operation. Detour Lake is Canada’s largest gold mine and holds the country’s largest gold mineral reserves. Through the expansion, the project is expected to require approximately $1 billion in capital investment, create 800 good-paying jobs, and extend the life of the existing Detour mine to 2054. If approved, this project is projected to expand annual production of gold to over 1 million ounces per year, placing it in a rare group of high-output, long-life gold mines globally.

The Upper Beaver gold-copper project, located approximately 5 kilometres northeast of Dobie, will seek to redevelop a historic mine into a modern underground and open-pit gold-copper operation, including a mine, processing facility and related infrastructure. The expansion is anticipated to cost over $1 billion, create approximately 800 jobs, and have a mine life of 14 years with an estimated annual production of 210,000 ounces of gold and 3,600 tonnes of copper.

“Ontario is central to our long-term growth strategy, and the strength of our operations today reflects years of disciplined investment in our people, our partnerships and the communities where we operate,” said Ammar Al-Joundi, Agnico Eagle’s President & Chief Executive Officer. “We value our ongoing collaboration with the Government of Ontario and its continued focus on creating a competitive environment for responsible resources development. Looking ahead, we see meaningful opportunity to build on this foundation by advancing our project pipeline responsibly, while supporting jobs, Indigenous reconciliation, skills development and long-term growth.”

To build on further success, the Government also announced its intention to bring forward an additional package of red tape reduction to further streamline approvals for early and advance exploration and further accelerate mining permitting timelines for expansions of existing mines. This will further boost Canadian self reliance as we help unleash responsible resource development faster, creating good-paying jobs and reinforcing Ontario’s position as one of the world’s leading mining jurisdictions.

The Ontario government’s bold, decisive actions have strengthened investor confidence and unlocked new opportunities across the province’s critical minerals and mining sectors, helping Ontario rise to second in the world for mining investment attractiveness. This progress delivers on the government’s plan to protect Ontario by building a more competitive, efficient and predictable regulatory environment that supports job creation, economic growth and long-term energy and resource security.

Quick Facts

Ontario is a world class mining jurisdiction and among the top 10 jurisdictions in the world for mineral exploration spending.
Ontario’s mining sector supports 28,000 direct jobs and 46,000 indirect jobs through associated mineral processing and supply services. There are currently 37 active mining operations in Ontario; 19 are gold mines.
Ontario is Canada’s top mineral producer, generating $13 billion worth of minerals in 2024, with gold accounting for a significant portion of its production value.
The government is supporting Indigenous participation through a $70 million investment in the Indigenous Participation Fund and $3.1 billion in available loan guarantees through the Indigenous Opportunities Financing Program.
Agnico Eagle’s Ontario operations contributed $5.3 billion to the provincial economy in 2025, including $2 billion in spending with Ontario suppliers.
Agnico Eagle supports more than 4,700 jobs across Ontario, including over 300 Indigenous employees.
Agnico Eagle maintains agreements with several First Nation communities in Ontario. In 2025, the company spent nearly $625 million with Indigenous suppliers and made over $80 million in direct payments to First Nations partners in the province.

Quotes

“As part of our plan to protect Ontario, our government is focused on attracting investment into the province and bringing jobs back home. Today’s announcement is a signal of confidence from the world that Ontario is the best place to work, live, and raise a family.”

– Caroline Mulroney
President of the Treasury Board

“In the face of global economic uncertainty, Ontario continues to offer companies the stable, reliable and competitive conditions needed to make long-term investments. Agnico Eagle’s $14 billion commitment serves as a resounding vote of confidence in our economy, our workforce and our government’s ongoing work to advance a made-in-Ontario critical mineral supply chain. We look forward to seeing these projects progress and reinforce Ontario’s leadership in this critical sector.”

– Vic Fedeli
Minister of Economic Development, Job Creation and Trade

“Northern Ontario has the people, resources, and expertise to lead the future of mining, and today’s announcement highlights the strong opportunities across the region. By streamlining approvals and reducing duplication, our government has built a more competitive and predictable regulatory system while upholding strong environmental protections and meaningful Indigenous consultation. Through projects like Detour Lake Underground and Upper Beaver, Agnico Eagle’s investment will create lasting economic benefits for workers, families, northern and Indigenous communities for generations to come.”
– George Pirie
Minister of Northern Economic Development and Growth

“Investment in mining is an investment in the strength and future of our communities. Mining projects create well-paying careers for workers directly involved in operations while also supporting growth across local businesses, hospitality, transportation, and service industries. Ontario’s abundant natural resources position our province as a global leader in responsible resource development. Through meaningful Indigenous consultation, strong environmental stewardship, and improved coordination across ministries, we have an opportunity to work collaboratively with communities and investors to deliver lasting economic growth and shared prosperity. By supporting responsible mining development today, we are helping build stronger communities and sustainable opportunities for generations to come.”

– Bill Rosenberg
MPP, Algoma-Manitoulin

“Today’s announcement is a strong vote of confidence in Ontario’s mining sector and its workforce. Continued government prioritization is driving real momentum for growth and development across the province, and Agnico Eagle’s investment reflects the strength, stability, and global competitiveness of our industry. We look forward to seeing this momentum continue with further investment across the sector.”

– Priya Tandon
President, Ontario Mining Association

“Agnico Eagle’s planned investment is a strong vote of confidence in Ontario’s mining sector, workforce, and long-term economic potential. Major private-sector commitments like this strengthen Canada’s competitiveness, create high-quality jobs, and help build resilient domestic supply chains at a time when global demand for responsibly developed resources has never been greater. The Canadian Chamber of Commerce welcomes Ontario’s efforts to create a more efficient and predictable environment for investment while maintaining strong environmental standards and meaningful partnerships with Indigenous communities. This announcement reinforces Ontario’s position as a global leader in responsible mining and resource development.”

– Candace Laing
President and CEO, Canadian Chamber of Commerce

“Agnico Eagle’s planned investment is another vote of confidence in Ontario by a global leader in mining. The Ontario Chamber welcomes this commitment, which will create long term jobs, strengthen our made-in-Ontario mining supply chain, and advance reconciliation with Indigenous communities.”

– Daniel Tisch
President and CEO, Ontario Chamber of Commerce

“This historic investment by Agnico Eagle is a strong vote of confidence in Ontario’s mining sector, workforce, and investment climate. At a time when global competition for capital is intensifying, projects of this scale demonstrate that Ontario can compete and win when governments and industry work together to create a more efficient, predictable, and competitive environment for investment. Beyond the billions in economic activity and thousands of good-paying jobs, this investment will strengthen domestic supply chains, support northern and Indigenous communities, and reinforce Ontario’s position as a global leader in responsible resource development and critical minerals.”

– Dennis Darby
President and CEO, Canadian Manufacturers and Exporters (CME)

“Skills Ontario is pleased to join Minister Lecce and the government of Ontario in welcoming a major investment by Agnico Eagle Mines Limited, recognizing that Ontario is a great place to invest, grow and develop. This opportunity will create economic growth, well paying jobs and have a positive impact on Ontario’s north. Many of these jobs will need skilled workers, and Skills Ontario has long promoted these career paths, with special programming for young women and Indigenous people. We are thrilled to have Agnico Eagle Mines Limited as one of our partners as we work to develop the skilled workforce of the future. It is great to bring some certainty in these uncertain times.”

– Ian Howcroft
CEO, Skills Ontario

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