(Image: GlobalData, Mining Intelligence Center)
LONDON, U.K. – 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 in Nunavut, Victoria Gold’s Eagle in Yukon, and Eldorado Gold’s Lamaque in Quebec. These projects will be responsible for increased output through 2019. Then in 2020, Seabridge Gold will begin production at KSM. 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 777, Croinor and Touquoy mines.
Canada was the fourth largest gold producer in the world, behind China, Australia and Russia. Visit www.GlobalData.com/industries-we-cover/Mining/.
(Editor’s note: Yes, the Eagle and Lamaque mines are on track, and Mediadine has already reached commercial production. I am inclined to think the timelines for the KSM and New Prosperity mines are overly optimistic. The Blackwater project is currently in the environmental approval process and de-risking stage . If our readers have better dates, please weigh in on the Comments below. – M.S.)