Agnico Eagle CEO bets on Arctic barge shipping to keep costs low at Hope Bay gold mine
Published on: May 21, 2026, 3:26 a.m. | Source: Devdiscourse
The world's second-largest gold miner, Agnico Eagle, is counting on barge transport through the Northwest Passage to keep the cost of producing gold in its Hope Bay Mine under $1,000 per ounce, Agnico Eagle CEO Ammar Al-Joundi told Reuters, as it attempts to lead a mining revival in Canada's remote Arctic. Agnico Eagle announced on Tuesday that it will invest $2.4 billion to revive the Hope Bay mine in Nunavut, Canada's northernmost region, which had been shuttered since 2022, after the company acquired it from Toronto-based TMAC Resources.
