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Gold production in Canada is expected to grow at a compound annual rate of 2.7% from 2019 to 2023. This, according to GlobalData, Mining Intelligence Centre means this country’s output will reach 7.6 million oz. four years from now.
The centre said the growth is due to new mines – Agnico Eagle’s Meliadine mine in Nunavut, Victoria Gold’s Eagle project in Yukon, and Eldorado Gold’s Lamaque in Quebec. These projects will be responsible for increased output through 2019.
New Gold has its eye on a 2021 start-up for its Blackwater project, and Taseko Mines is planning a 2022 start for its New Prosperity. The latter three projects are all located in British Columbia.
Together, these six mines have a potential output of over 2.2 million oz. annually. That production will offset several closures – the Minto and Taylor mines in 2021, and in 2022 the Croinor and Touquoy mines.
Canada was the fourth largest gold producer in the world, behind China, Australia and Russia.
(Editor’s note: I am inclined to think the timelines for the new mines beginning next year is overly optimistic. If our readers have better dates, please weigh in on the Comments below. – M.S.)
(This article first appeared in the Canadian Mining Journal)
5 Comments
AJP
There are errors in this article. Lamaque is owned by Eldorado Gold; I don’t believe Endeavour Gold is a company (Endeavour Mining is). Seabridge Gold will not be producing from KSM anytime soon, let alone 2020.
MINING.com Editors
Thank you, the article has been updated.
mabman
Wow – a whole lot of delusion going on here. Sure, Meliadine, Eagle and Lamaque are moving ahead OK, but KSM will go into production in 2020??? With a $5B CapEx bill, nothing started yet and at least 4-5 years of development needed?? As for Blackwater, New Gold’s going underwater fast at Rainy River – how are they going to pick up a $500M bill for another capital project, particularly one that’s even more marginal than RR? Taseko can drill more holes at New Prosperity, but given the very strong FN opposition and lousy CSR, claiming that they can develop a mine in 3 years is pure piffle. Looks like BC is still the Land of Promotional BS . . .
Denis Kozhevnikov
Why you are talking about six mines, while its only five of them, as I understood from the article.
Agnico Eagle’s Meliadine mine in Nunavut, Victoria Gold’s Eagle project in Yukon, and Eldorado Gold’s Lamaque in Quebec – 3
Blackwater project +1
New Prosperity +1
Total 5?? Or no?
Jim Stewart
I agree with the editor and expect that when they are all producing most will be less profitable than planned – unless gold price finally “breaks through”, perhaps to a new plateau.