Toronto-based Agnico Eagle Mines Ltd. is making one of the largest mining investments by a Canadian company in the country’s history by investing $14 billion in its portfolio of Ontario gold mines, according to the province’s Ministry of Energy and Mines. Agnico, the world’s second-largest gold producer , plans to invest $12 billion by 2030 across its Ontario portfolio, which includes mines and exploration assets, according to a press release, and $2 billion into its Detour Lake underground mine project and its Upper Beaver copper-gold project. “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,” Agnico chief executive Ammar Al-Joundi said in the release. He said the company also sees a “meaningful opportunity” to advance its project pipeline. Agnico produced 3.4 million ounces of gold last year from mines in Canada, Australia, Finland and Mexico. Within Canada, it has mines in Nunavut, Ontario and Quebec. The company plans to invest $1 billion in its Detour Lake underground project to bring annual production to more than one million ounces of gold. Located 185 kilometres northeast of Cochrane, Ont., the Detour Lake mine currently operates as an open pit mine and is Canada’s largest gold mine. Last year, it produced 692,715 ounces of gold last year at an all-in sustaining cost of $879 per ounce. Gold is currently trading at US$4,708 per ounce, down from its all-time high above US$5,589 per ounce in January. The expansion of Detour into an underground mine, in addition to the open pit, would make it one of the world’s largest gold mines, only a few of which produce more than one million ounces per year. The expansion would extend the mine life to 2054 and create 800 jobs, the release said. Agnico also will invest more than $1 billion into its Upper Beaver project in northeastern Ontario, near Kirkland Lake, to create 800 jobs. The mine is expected to produce 210,000 ounces of gold and 3,600 tonnes of copper per year and will operate for 14 years. Energy and Mines Minister Stephen Lecce said Ontario’s mining permitting reform, including its new One Project, One Process framework, is making the province more attractive to miners. Agnico pushes into Finland with $3.7 billion trio of gold dealsWorld no. 2 gold miner is ‘willing to move’ on M&A, CEO says “This landmark investment, one of the largest private-sector commitments in modern Ontario history, will create thousands of good-paying jobs,” he said in the release. • Email: gfriedman@postmedia.com