Major Canadian mining company Agnico Eagle Mines Limited is set to spend and invest $14 billion in Ontario by the end of 2030.
Agnico Eagle will spend and inject a total of about $12 billion across its operating, development, and exploration assets in Ontario, the government said. It will invest another $2 billion in the Detour Lake Underground project and the Upper Beaver gold-copper project.
The investment will generate up to 1,600 well-paying jobs and boost the province’s GDP by almost $5 billion. The expansion of the Detour Lake Underground project is set to need about $1 billion in capital investment; the Upper Beaver gold-copper project’s expansion is expected to cost over a billion.
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According to the provincial government, the landmark private-sector investment in Ontario’s mining sector was backed by what it described as “aggressive” permit reforms and accelerated mine construction approvals. It shows strong international confidence in the province’s novel permitting regime, the government said.
“Ontario is becoming the mining and critical minerals capital of the G7, and this historic $14 billion investment sends a powerful message to the world: Ontario is open for business. At a time of global economic uncertainty and intensifying competition for resources, our government has acted to cut red tape, speed up responsible development and create one of the most competitive mining jurisdictions anywhere in the world,” said Stephen Lecce, Ontario’s energy and mines minister, in a statement.
Lecce described the investment as “one of the largest private-sector commitments in modern Ontario history” and added that it would spur economic growth in the north. It would also enhance Indigenous partnerships.
“Ontario is central to our long-term growth strategy, and the strength of our operations today reflects years of disciplined investment in our people, our partnerships and the communities where we operate,” said Ammar Al-Joundi, Agnico Eagle’s president and chief executive officer.
Ontario Junior Exploration Program investment
The Ontario government is also injecting $10 million into the newly reformed Ontario Junior Exploration Program to aid junior exploration companies and licensed prospectors locate future mines.
The investment will absorb eligible mineral exploration and development expenses, Ontario premier Doug Ford said at the Ontario Mining Association Annual General Meeting. It covers the launch of an Advanced Exploration Stream beginning 2027.
“With the potential to add $22 billion dollars and 70,000 good-paying jobs to our province’s economy in the Ring of Fire alone, our critical minerals sector is key to building a stronger, more competitive and more self-reliant Ontario,” Ford said in a statement. “By investing $10 million to support early exploration, our government is helping unlock new mineral discoveries that will drive economic growth across northern Ontario for decades to come.”
OJEP has committed about $45 million in funds to 280 companies thus far; of these, 201 are engaged in critical minerals exploration. The program takes on up to 50 percent of eligible costs; licensed prospectors can secure up to $65,000 per project through improved funding streams introduced in 2025. Junior mining companies can obtain up to $215,000 per project, which includes enhanced Indigenous Participation Support.
Approved projects will be financed on a first-come, first-served basis.
“Under Ontario’s plan, 35 significant mineral projects are underway with the potential to reach production over the next decade. Ontario slashed permit timelines by 50 per cent, emerging as Canada’s best jurisdiction and the second on earth for mining investment. We are building momentum today, announcing a dedicated Advanced Exploration Stream to get projects off the ground and get shovels in the ground faster,” Lecce said.
The $10 million investment is part of the 2026 Ontario Budget: A Plan to Protect Ontario.