There are many reasons why economies and individuals want to accumulate and hold gold. Some countries have tons of gold reserves with Australia leading in terms of size. Although Canada has disposed of some of its gold, it still has one of the largest gold reserves in the world. With the discovery of new gold mines in the country, the reserves are likely to be replenished once they commence full production. Below are some of the latest gold mines in Canada.
This mine is located at British Columbia’s Golden Triangle. It is owned by Pretium Resources, a company engaged in the exploration and development of metals. The mine achieved commercial production in July 2019, eight years after its discovery.
Moose River Consolidated Mine
Located in Nova Scotia, the Moose River Consolidated is owned by Atlantic Gold. Nova Scotia has a history of gold since the first gold mining in Canada took place here. The construction of the mine commenced in 2016 and was completed in 2018. Then, commercial production started immediately after completion.
Rainy River Mine
Operated by New Gold, the Rainy River gold mine is located in Ontario. It has an open pit and underground operation with a mine life of 14 years. It started commercial production in 2017, and it is expected to produce 325,000 oz every year for the next nine years.
Hope Bay Mine
The Hope Bay mine is located at Nunavut and is operated by TMAC Resources. The project, which commenced commercial production in 2017, has three deposits that were discovered in the 1990s. Over its 20 years life, the mine’s three deposits are expected to produce 160,000 oz a year.
These mines have lives up to 20 years. They are likely to boost the country’s gold reserves if their operations are sustained.