If you ever wanted to own gold poured right here in Northern Ontario, now’s your chance.
The Royal Canadian Mint has launched its 2024 single-sourced gold maple leaf coin. It’s crafted entirely from gold poured from Agnico Eagle's Detour Lake mine.
Detour Lake is located about 300 kilometres northeast of Timmins. This is the second time Agnico has teamed up with the Royal Canadian Mint for the bullion — a coin made from highly refined precious metal. It’s the first time a Northern Ontario mine is featured in the program.
One side features King Charles III and the other displays a maple leaf design by Walter Ott.
Andre Leite is Agnico Eagle’s vice-president of Ontario operations.
He said the Royal Canadian Mint approached them for the program, with Detour Lake being chosen because it’s Canada’s largest gold mine.
Leite highlighted the sustainable practices at Detour Lake mine, emphasizing the company’s commitment to engaging with First Nations communities and minimizing environmental impact.
“This coin is made from gold produced sustainably, adhering to high standards of environmental and community engagement,” he said.
“We’re proud northern miners, and it’s rewarding to see our work now supporting this initiative.”
The Royal Canadian Mint launched the single-sourced gold maple leaf bullion in 2022, when it featured Agnico’s Meliadine mine in Nunavut. Last year, Newmont’s Élénore mine in northern Québec was chosen.
Royal Canadian Mint's senior manager of public affairs, Alexandre Reeves, said this initiative shows they can demonstrate the quality of gold and respond to the growing customer demand for transparency in sourcing.
“We’re the first mint in the world to refine gold to four nines and issue bullion in 99.99 per cent purity. Our products also include advanced security features to confirm authenticity, adding to the appeal of controlled sourcing,” Reeves said.
With a personal connection to the coin, Leite said he plans to purchase a coin for each of his children, viewing them as valuable investments.
“I have three kids, and I want each of them to have one coin, given the time I’ve spent working at this mine making it,” he said.
Right now, Detour Lake is an open-pit mine. Looking ahead, Agnico Eagle plans to increase production at its Detour Lake mine by 50 per cent in the next seven years, largely driven by an underground expansion.
The company is also looking to develop the Upper Beaver project, a gold deposit near Kirkland Lake.
“We expect to produce around one million ounces of gold a year. There aren’t many mines capable of that,” Leite said.
The value of the coin is $50 but as of Oct. 11, it retails for over $3,840. The retail price fluctuates depending on the market value of gold.
The coin is available online here. It’s not known when it will be available at Costco.
— TimminsToday
