New Royal Canadian Mint coin features gold poured from Detour Lake mine

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.

The Royal Canadian Mint has unveiled its 2024 single-sourced gold maple leaf bullion coin, crafted entirely from gold poured from Agnico Eagle's Detour Lake mine.

Located about 300 kilometres northeast of Timmins, Detour Lake is touted as Canada's largest gold mine, and this marks the first time a Northern Ontario mine is featured in the mint's bullion program.

One side of the coin features King Charles III, while the other showcases a maple leaf design by Walter Ott.

Andre Leite, Agnico Eagle's vice president of Ontario operations, said the Royal Canadian Mint approached them for the program and highlighted Detour Lake's status as the country's largest gold mine.

He also highlighted the sustainable practices at Detour Lake mine, with the company 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," said Leite.

"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, featuring Agnico's Meliadine mine in Nunavut. Last year, Newmont's Élénore mine in northern Quebec was chosen.

Alexandre Reeves, senior manager of public affairs at the Royal Canadian Mint, said this initiative enables them to showcase the quality of gold and meet 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," said Reeves.

"Our products also include advanced security features to confirm authenticity, adding to the appeal of controlled sourcing."

With a personal connection to the coin, Leite said he plans to purchase a coin for each of his children, considering them 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.

Detour Lake is currently an open pit mine, but Agnico Eagle plans to increase production at the site 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, which Leite said could produce about one million ounces of gold per year.

"There aren't many mines capable of that," he added.

The face value of the coin is $50, but as of Friday (Oct. 11), it retails for over $3,840. The retail price fluctuates depending on the market value of gold.

The coin is available for purchase online.

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