RANKED: Lowest Cost Gold Mines in Canada – 2019

Mines and Metals looked at costs at Canada’s primary gold mines and ranked them based on total cash costs (TCC).

So, without further ado, here is the list of lowest cost gold mines in Canada in 2019, benefiting most from recent gold prices surge. Where necessary, cash costs were recalculated to total cash costs and weighted-average calculation used to reconcile Moose River’s TCC reported by St Barbara according to Australian standards, to a calendar year of 2019.

Lowest Cost Gold Mines in Canada

Lowest Cost Gold Mines in Canada – 2019. Source: Mines and Metals, based on companies’ reports.

As can be seen, only one of lowest cost mines (LaRonde) sits in the list of largest gold mines in Canada. In 2019, costs reduced at Island Gold and Goldex, increased at Moose River and LaRonde, and remained virtually on the same level at Macassa.

1.Macassa. $463/oz.

Macassa underground gold mine is located in the Town of Kirkland Lake, 580 km north of Toronto, Ontario, Canada. Macassa is one of the highest gold grade mines in the world. Macassa commenced operations in 2002, and with the discovery of the South Mine Complex (SMC), has been able to increase its level of production significantly over the past five years. The SMC has been driving grade improvement at Macassa, with results from ongoing exploration drilling continuing to extend the SMC mineralization and adding to the Mine’s Mineral Resources in support of growing production and extending mine life.

Read more about Macassa mine here.

2. LaRonde. $464/oz.

LaRonde is Agnico Eagle’s flagship mine, located in the Abitibi region of northwestern Quebec. LaRonde has produced almost 6 million ounces of gold since it opened in 1988. LaRonde’s 2.2-km deep Penna Shaft is now the deepest single-lift shaft in the Western Hemisphere.

Read more about LaRonde mine here.

3.Moose River. $480/oz.

Moose River (Touquoy) open pit gold mine is located approximately 60km north east of Halifax, Nova Scotia. After a feasibility study was completed in 2015, mining of the current open pit at Touquoy commenced in 2017, with commercial production declared in March 2018. The operation was delivered on time and on budget and exceeded production guidance in the first year. As at 25 March 2019, the Atlantic Gold operation had a combined estimated 1.9 million ounces of gold in reserves at a grade of 1.12 grams per tonne. St Barbara acquired Atlantic Gold and its Moose River operations on 19 July 2019.

Read more about Moose River mine here.

4. Island Gold. $495/oz.

Island Gold underground mine is located 10 km south-east from Dubreuilville, Ontario, Canada. The mine comprises 217 patented, leased and staked claims covering 7,926 hectares. Island Gold is a long-life, high-grade, low-cost underground gold mine. The operation is undergoing an expansion.

Read more about Island Gold mine here.

5. Goldex. $584/oz.

Goldex underground gold mine is located in the Dubuisson Township of Quebec and forms part of the southern Abitibi Greenstone Belt. Underground mining from the M and E satellite zones and processing in the mill started in September 2013. Commercial production was achieved in October 2013. The Deep 1 project was declared to be in commercial production in July 2017.

Read more about Goldex mine here.

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