The mining company expects the Hope Bay project will take US$2.4 billion in capital investment but will yield more than 400,000 ounces of gold a year once it’s fully running. The federal government is kicking in $25 million for an Inuit-led wind farm to supply 4.2 megawatts of power (a new diesel power plant is to produce another 37 megawatts), and has an agreement with Agnico Eagle for the Department of National Defence to learn about building arctic infrastructure. (The Logic)

Talking point: The government said the project symbolizes “natural resource wealth, Indigenous leadership, national security and economic growth and prosperity.” A Chinese mining company was set to take over the Hope Bay site, on the Nunavut mainland close to the Northwest Passage, until the federal government blocked the deal in 2020. Agnico Eagle bought it in 2021 and put operations on hold while it prospected and planned a bigger development.