Agnico Eagle to invest $1.2bn in Arctic gold mines

Agnico Eagle Mines said on Wednesday it would invest more than $1.2-billion in building a gold mine in Canada's Arctic and expanding another, making it one of the few gold companies to be constructing mines at a time when industry output is shrinking. Toronto-based Agnico said its board had approved mine builds for its Meliadine project as well its Amaruq deposit, which is a satellite deposit of its existing Meadowbank mine. Both Meliadine and Amaruq are in Canada's Nunavut territory.