New Royal Canadian Mint 2024 Single-Sourced Gold Maple Leaf Coin Poured From Agnico Eagle's Detour Lake Mine

If you ever wanted to own gold poured right here in Northern Ontario, now’s your chance. The Royal Canadian Mint has launched its 2024 single-sourced gold maple leaf coin

The Royal Canadian Mint has unveiled its new 2024 single-sourced gold maple leaf bullion coin, crafted entirely from gold poured from Agnico Eagle's Detour Lake mine. This marks the first time a Northern Ontario mine is featured in the mint's bullion program.

Situated roughly 300 kilometres northeast of Timmins, Detour Lake is Canada's largest gold mine. This collaboration with the Royal Canadian Mint is the second time Agnico has supplied gold for the bullion.

One side of the coin features an effigy of King Charles III, while the other showcases Walter Ott's iconic maple leaf design.

Andre Leite, Agnico Eagle's vice president of Ontario operations, stated that the mint approached them for the program. Detour Lake was chosen due to its status as Canada's largest gold mine.

Leite also highlighted the sustainable practices employed at the 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,” Leite said. “We're proud northern miners, and it's rewarding to see our work now supporting this initiative."

The mint first 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 selected.

According to Alexandre Reeves, the mint's senior manager of public affairs, this initiative enables them to showcase the quality of gold and cater to 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. Our products also include advanced security features to confirm authenticity, adding to the appeal of controlled sourcing,” Reeves said.

Having a personal connection to the coin, Leite 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.

Currently operating as an open pit mine, Agnico Eagle has plans to increase production at Detour Lake by 50 per cent over the next seven years, primarily through an underground expansion.

Additionally, the company aims 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,” Leite said.

Priced at $50, the coin retails for over $3,840 as of Oct. 11. The retail price fluctuates based on the market value of gold.

The coin can be purchased online, but its availability at Costco is still unknown.