TORONTO — Ontario’s Progressive Conservative government and mining company Agnico Eagle announced a planned $14-billion investment in the province’s mining sector Wednesday, framing the move as a sign of confidence in Ontario’s economy and permitting system.The announcement, made at George Brown College, includes plans to expand existing mining operations and develop new projects in northern Ontario over the next five years. Provincial officials said the investment is expected to create about 1,600 new jobs.Ontario Treasury Board President Caroline Mulroney said the province has focused since 2018 on creating a stable business environment through tax reductions, regulatory changes and investments in skilled trades and critical mineral development..Mulroney said Ontario has attracted $222 billion in private investment since 2019 in sectors including life sciences, automotive manufacturing, artificial intelligence and mining. She added that Ontario’s mining sector generated $13 billion worth of minerals in 2024 and supports tens of thousands of jobs directly and indirectly.Ontario Energy and Mines Minister Stephen Lecce said the province plans additional legislative reforms aimed at speeding up mine permitting and approvals. Lecce said Ontario has reduced permitting timelines and improved its standing among mining jurisdictions globally.“We can unlock resources responsibly, and we can help lift our economy and our sovereignty together,” Lecce said.Agnico Eagle president and chief executive officer Ammar Al-Joundi said Ontario represents more than 30% of the company’s global gold production and remains a key focus for future investment.The company said it expects to spend about $12 billion on operating, development and exploration assets in Ontario, with an additional $2 billion connected to the Detour Lake underground project and the Upper Beaver project..Al-Joundi said the company’s Ontario operations currently support about 4,100 jobs and involve more than $2 billion annually in local goods and services spending, including contracts with Indigenous-owned businesses. He said the new investments could increase the company’s Ontario workforce to more than 5,500 employees.He also emphasized the importance of environmental oversight and consultation with indigenous communities in mining development.“Those principles are fundamental to how Agnico Eagle operates,” Al-Joundi said.Representatives from the Canadian Chamber of Commerce and Skills Ontario also attended the announcement, highlighting the economic impact of mining investment and the need for skilled workers in the province.Ontario has increasingly promoted critical minerals and mining development as part of its broader economic and industrial strategy, particularly as governments and companies seek secure supplies of minerals used in technologies such as electric vehicles and artificial intelligence systems.
