Canadian gold mining company Agnico Eagle Mines Ltd. is planning to spend $1.2 billion to advance its Meliadine mine and the Amaruq gold deposit to the mining stage.
The Meliadine mine, in Nunavut Territory, has 3.7 million ounces of proven and probable gold and is anticipated to remain in production for nearly 15 years.
The mine will require nearly 1,000 workers until phase two starts in 2022, at which point the workforce is projected to double.
Whereas the Amaruq gold deposit has an estimated 2.9 million ounces of gold. The company has revealed plans for extracting Amaruq gold into 2024, but exploration could extend the mine life beyond that.