Agnico Eagle to go ahead with Hope Bay gold mine project in Nunavut

Agnico-Eagle's Meadowbank Mine facility in Meadowbank Mine, Nunavut. THE CANADIAN PRESS IMAGES/Sean Kilpatrick

TORONTO — Agnico Eagle Mines Ltd. says it’s going ahead with a redevelopment of its Hope Bay gold mine project in Nunavut.

The company says the initial capital cost of the project is estimated at about US$2.4 billion.

The price tag includes reconstruction of the processing facility, the addition of a 37-megawatt diesel generator power plant, mobile equipment, upgrades to the tailings facility, and about 33 kilometres of underground development.

Once complete, Agnico Eagle estimates annual gold production from the mine at between 400,000 and 435,000 ounces, with an initial mine life of 11 years and upside potential.

The company acquired TMAC Resources Inc., the previous owner and operator of the Hope Bay gold mine, in 2021 and suspended production in 2022 to focus on the property’s exploration potential.

The Hope Bay project is located in the Kitikmeot region of western Nunavut, about 160 kilometres north of the Arctic Circle.

This report by The Canadian Press was first published May 19, 2026.