Hope Bay Mine
Hope Bay Mine is a gold mine in Hope Bay, Nunavut.[1][2][3] It is near NORAD's Victoria Island site in Cambridge Bay.[4]
History
[edit]
Hope Bay has been explored by multiple companies since the early 1990s,[5] including Newmont Mining.[6] In 2012, Newmont Mining placed the Hope Bay Mine project on care and maintenance while seeking a buyer. In March 2013, TMAC Resources purchased Hope Bay.[6] TMAC Resources began producing gold in early 2017 from its property here.[5] In 2020, the TMAC Resources property was acquired for CAD$230 million by Shandong Gold Mining,[7] a Chinese government-owned company.[4][1] In December 2020 the Canadian government moved to block the acquisition and cited the Investment Canada Act,[8][9][10] and national security concerns,[11] although local Canadian pundits protested that there was no alternative.[12]
Hope Bay Mine and associated elements was purchased on 2 February 2021 by Agnico Eagle.[5] Agnico Eagle paused the production activities in 2022, in favour of increased exploration activities.[13] Agnico Eagle CEO Sean Boyd said in June 2024 that the Hope Bay mining project was a nation-building exercise in Canada’s far north.[14] On 4 July 2024 Agnico Eagle announced the purchase of the Oro project from North Arrow Minerals for $1.75 million. The Oro project borders on the Hope Bay Mine.[15]
References
[edit]- 1 2 Last, John (20 May 2020). "Chinese company makes agreement to buy Nunavut gold mine". CBC News. Retrieved 2026-03-03.
- ↑ George, Jane (8 May 2020). "Nunavut's Hope Bay goldfields to be bought by China's SD Gold". Nunatsiaq News.
- ↑ Sarkisian, Arty (29 August 2024). "China wants to tap Nunavut minerals: Ambassador". Nunatsiaq News.
- 1 2 "Canada rejects Chinese bid for Arctic gold mine over national security concerns". 23 December 2020.
- 1 2 3 "Agnico Eagle Mines Limited - Exploration - Exploration Projects - Hope Bay".
- 1 2 "Hope Bay Project - Nuna Group of Companies". 17 October 2022.
- ↑ "China's SD Gold cuts deal to buy Hope Bay". Mining News North. 8 May 2020.
- ↑ Friedman, Gabriel (2020-12-22). "Canadian government invokes national security to block Chinese takeover of Nunavut gold mine". Financial Post. Retrieved 2026-03-03.
- ↑ Strong, Walter (22 December 2020). "Ottawa blocks Chinese takeover of Nunavut gold mine project after national security review". CBC.
- ↑ Lasley, Shane (2021-01-01). "TMAC weighs Hope Bay gold mine options". Mining News North. Retrieved 2026-03-03.
- ↑ "Government blocks acquisition of Canadian gold mine citing national security threat". BLG. 2020-12-23. Retrieved 2026-03-03.
- ↑ "Yellowknifer editorial: No clear alternative to China buying Hope Bay". Yellowknifer. 2020-06-10. Retrieved 2026-03-03.
- ↑ "No gold from Nunavut's Hope Bay this year, as Agnico Eagle shifts focus". CBC News. February 25, 2022.
- ↑ McClelland, Colin (2024-06-04). "Video: Agnico's Hope Bay project plants another flag in Canada's Arctic, Boyd says". The Northern Miner. Retrieved 2026-03-03.
- ↑ Antunes, Jorge (2024-07-04). "Agnico Eagle buys Nunavut gold exploration site for $1.75M". Nunatsiaq News. Retrieved 2026-03-03.