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]
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]
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]