Ontario’s energy and mines minister says it’s government reforms that are speeding up approvals that lead to booming investment in mining projects in the north.
In particular, Stephen Lecce credits the reforms with Agnico-Eagle (ag-NEE-ko) Mines investing $14-billion into two mines by 2030.
Twelve-billion of that is developing the Upper Beaver gold and copper project east of Kirkland Lake and $2-billion going into the Detour Lake mine.
“And at Detour Lake, which is a wonderful underground project, it’s Canada’s largest gold mine,” Lecce obseerves “it’s a billion-dollar investment that they’re prepared to make and to help create 800 new jobs, extend the life of that mine past 2050.”
Lecce says by accelerating permitting, Ontario has moved out of its spot as second slowest mining jurisdiction in the world. Mines would take 15 years to go into operation, not six or seven.
“By moving fast, we went from the second slowest to number 1 in Canada for the first time and number 2 on Earth if you could believe this, for when it comes to attracting investment.”
The minister says Ontario is just getting start with improving the efficiency of the approval process.
