New Royal Canadian Mint 2024 single-sourced gold maple leaf coin crafted from gold poured from Agnico Eagle's 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.

Timmins gold mine featured in new Royal Canadian Mint coin

The Royal Canadian Mint has unveiled its 2024 single-sourced gold maple leaf coin.

This year's coin is crafted entirely from gold poured from Agnico Eagle's Detour Lake mine, which is located about 300 kilometres northeast of Timmins.

This marks the second time Agnico has teamed up with the Royal Canadian Mint for the bullion — a coin made from highly refined precious metal. It's also the first time a Northern Ontario mine is featured in the program.

One side of the coin features King Charles III. The other side displays a maple leaf design by Walter Ott.

Andre Leite is Agnico Eagle's vice president of Ontario operations.

He said the Royal Canadian Mint approached them for the program, with Detour Lake being chosen because it’s Canada's largest gold mine.

"They approached us for the single-sourced gold maple leaf bullion program, where they wanted to feature gold from one mine in each coin," said Leite.

"We're very excited, especially given the fact that Detour Lake is Canada's largest gold mine, and it’s the first time a northern Ontario mine is being featured in this program."

Leite highlighted the sustainable practices at Detour Lake mine, emphasizing the company's commitment to 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,” he said.

"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, when it featured Agnico's Meliadine mine in Nunavut. Last year, Newmont’s Élénore mine in northern Québec was chosen.

"This initiative allows us to demonstrate the quality of our gold and respond to the growing customer demand for greater transparency in sourcing," said Alexandre Reeves, Royal Canadian Mint senior manager of public affairs.

"We’re the first mint in the world to refine gold to four nines and issue bullion in 99.99 per cent purity. 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, viewing them as 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.

"It's also a great investment. I'm sure they'll be happy to have it."

Right now, Detour Lake is an open pit mine. Looking ahead, Agnico Eagle plans to increase production at its Detour Lake mine 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.

"We expect to produce around one million ounces of gold a year. There aren't many mines capable of that,” said Leite.

"We're also looking at the Upper Beaver project, which is a gold deposit we're trying to develop near Kirkland Lake. It has the potential to be another large, long-life mine."

The 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 online here. It’s not known when it will be available at Costco.