How gold mining has become much more complex in Canada
Agnico Eagle Mines Ltd.’s chief executive is warning the federal government not to miss out on developing resources in Northern Canada.
“We’re not making a lot of headway there,” Agnico Eagle CEO Sean Boyd told BNN Bloomberg in a Tuesday interview. “There’s just easy things that should be done. The federal government is in a situation now where they transfer massive social payments to Nunavut. Why don’t you create industry? … We’ll do our part, but we can’t do everything.”
Agnico (AEM.TO) operates three mines in Nunavut, including the Meliadine open pit gold mine, which began production in May.
Boyd said that it’s on the mining industry itself to make a better case for the investment possibilities in the Arctic.
“We have to do a better job articulating the benefits of resource development in Canada,” Boyd said, before taking shots at the government’s role.
“The problem is that there’s no vision. There’s no strategy. You really don’t get the government support you should be getting based on the potential for big payoffs for modest amounts of investment,” he added.
Boyd also warned that if the Canadian government doesn’t ramp up investments in its resources at home, foreign entities – which are already circling Agnico’s projects – may step in.
He said that Agnico recently hosted U.S.-based visitors at its Nunavut projects as well as investors representing “large funds from Beijing.”
“Other countries have taken a real keen interest in what’s going on in Nunavut,” he said.
“So, we have something in our backyard. We don’t want to miss out on that opportunity.”