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New mines to push Canadian gold output to 7.6Moz by 2023

Eagle Gold Project, Yukon. Image courtesy of Victoria Gold Corp

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 mine in Nunavut, Victoria Gold’s Eagle project in Yukon, and Eldorado Gold’s Lamaque in Quebec. These projects will be responsible for increased output through 2019.

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 Croinor and Touquoy mines.

Canada was the fourth largest gold producer in the world, behind China, Australia and Russia.

(Editor’s note: I am inclined to think the timelines for the new mines beginning next year is overly optimistic. If our readers have better dates, please weigh in on the Comments below.  – M.S.)

(This article first appeared in the Canadian Mining Journal)