Agnico Eagle Mines (TSX: AEM; NYSE: AEM) is advancing the former Hope Bay gold mine project in Nunavut as a nation-building measure in Canada’s far north by using the company’s 67 years of know-how, chair Sean Boyd says in a new video.
“We need to bring resource development into the north but it’s really about how we do it,” Boyd says in an interview with Northern Miner Group president Anthony Vaccaro. “We have a responsibility to invest in a way that opens up the potential for other industries.”
Agnico, the largest gold miner by market value after Newmont (NYSE: NEM; TSX: NGT), runs Canada’s four biggest mines by output: Detour Lake, Canadian Malartic, Meadowbank and Meliadine. The last two are in Nunavut like Hope Bay, showing the miner’s northern experience.
Agnico bought Hope Bay in 2021 from TMAC Resources when a Chinese company was about to grab it. Now on care and maintenance as Agnico considers expansion, the mine produced 139,510 oz. gold in 2019.
Hear how Agnico builds more roads in the territory than anyone else and accounts for nearly a third of its economy. Boyd also describes Agnico’s strategy of ownership as part of a formula of low-risk jurisdictions with high-grade geology.
Watch the full conversation below between the business leaders at our Toronto studio.
If I was a younger man, I would be honoured to work for Sean Boyd and the AEM Team. This interview on his views of Northern Canadian development is not only inspiring, but visionary, and AEM’s history to date shows they walk the talk. I encourage you to watch and listen to this video. It’s a keeper for the times you are looking for a little inspiration.