The Globe and Mail reports in its Wednesday edition that Agnico Eagle is forging ahead with the development of the Hope Bay gold mine in the Arctic. The Globe's Niall McGee writes that Hope Bay went into production in 2017, but its then-owner, TMAC Resources, struggled with operational issues, including a poorly performing mill. The junior miner was forced to sell itself when doubts arose about its ability to service its debt. Agnico acquired the company in 2021 after the federal government blocked China's Shandong Gold Mining from buying the mine owing to national security concerns. The underground gold project is situated in Hope Bay, Nunavut, near tidewater in the Northwest Passage. After acquiring the mine, Agnico embarked on an aggressive drilling program at Hope Bay and conducted its own technical study to look at the feasibility of a large-scale operation. On Tuesday, the company said it had approved a construction decision on the mine after its recently completed preliminary economic assessment pointed to production at Hope Bay of more than 400,000 ounces of gold annually over 11 years. The initial capital cost for the Hope Bay mine has been pegged at $2.4-billion (U.S.), with first production targeted for 2030.