Where Does the Gold Come From?

Mar 19, 2024
Canadiana
3 minute read

Since receiving our very first deposit in 1908 –the same year we were established– gold has played an important part in our history. Bestowed with the task to meet demand for domestic circulation coinage, Canada’s newly established mint also had the responsibility to strike British gold sovereigns. At that time, our Assay department would accept and refine deposits of gold from various locations across Canada.

Today, we operate one of the most respected gold and silver refineries in the world, and offer a wide range of world-renowned gold products that vary from investment bullion bars and coins to award-winning numismatic coins. While much has changed since accepting that very first gold deposit in 1908, there is one part of our ‘gold history’ that has remained nearly constant. And, that is where the gold comes from.

Of the gold deposits we accept directly from mines, 100% is Canadian. Not too long ago, we took a trip to northern Ontario to visit with several mining clients. The experience provided an opportunity for us to deepen our understanding of their operations and processes, while discussing our respective commitments to environmental, social, and governance (ESG) practices.

Here are some interesting and fun facts from our underground journey, which took us as deep as 6,300 feet (1.9km) below the surface.

2024 Pure 1 oz. Gold Maple Leaf Bullion coin

Here are some interesting and fun facts from our underground journey, which took us as deep as 6,300 feet (1.9km) below the surface.

All workers and visitors going underground at Agnico Eagles’ Macassa mine in Kirkland Lake, ON, must be fitted with the proper personal protective equipment (PPE), which includes high-visibility safety apparel. On average, underground conditions are wet and the temperature hovers around 25°C. In designated "dry rooms” seen at most locations, wet and damp gear is hung up high where the hot air circulates, helping it to dry faster.

Gold is extracted from the Earth’s crust at various depths. While visiting the Macassa mine, the team travelled 6,300 feet (1.9km) underground. This depth is about the same height as four CN Towers stacked on top of one another. Described as an “ear-popping” experience, those inside the elevator felt changes in pressure as they travelled at a speed of 1,200 feet per minute. The ride to the bottom took about five minutes. Elevators like this are also used to move equipment to and from the surface and to skip ore from the bottom of the mine to the surface.

Once underground and according to mining plans prepared in advance by geologists and engineers, mining for gold begins. Production teams excavate the ore faces that were blasted prior to their descent. The ore is transported to an area where it is broken down into smaller pieces and then brought to the aboveground mill where it is further processed and refined into doré bars. Doré bars typically contain 70% to 85% gold (the rest is silver), and are sent to refineries like ours where they are further refined to a higher purity.

Though this is just a glimpse of what we experienced while underground, much more happens aboveground. Click to learn more about Agnico Eagle’s operations at Macassa mine.