Canadian firm Agnico Eagle Mines has announced to invest
more than $1.2bn for the development of a gold mine and expand other operations
in Canada, over the next three years.
The decision follows approval by Agnico’s board for the mine
development at its Meliadine project as well its Amaruq deposit, a satellite
deposit northwest of its existing Meadowbank mine in Nunavut.
Through 2019, Agnico plans to invest around $900m to build a
new mine at its Meliadine deposit, located on the western shore of Hudson Bay.
It also intends to spend $330m to develop Amaruq mine.
Production from both the projects is scheduled to start in
the third quarter of 2019.
Agnico Eagle CEO Sean Boyd said: "Our primary focus
will be on developing and expanding our business in Nunavut as we complete the
construction of a new mine at Meliadine and develop the Amaruq satellite
deposit at Meadowbank.
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