Mining Press Roundup: Agnico Greenlights $2.4B Nunavut Gold Mine

Agnico Eagle Mines has approved a $2.4-billion redevelopment of its Hope Bay gold mine in Nunavut, with expected annual production of 400,000 to 435,000 ounces over an initial 11-year mine life . The decision marks a major milestone for Canada's Arctic mining sector and represents the first significant step toward Agnico's targeted 20% to 30% production growth over the next decade . The project is located in the Kitikmeot region of western Nunavut, about 160 kilometres north of the Arctic Circle , and is expected to create more than 2,000 direct and indirect jobs .

Agnico Eagle: Hope Bay Gets the Green Light

Agnico Eagle acquired the project in 2021 through its takeover of TMAC Resources and shortly after placed the operation on care and maintenance to focus on exploration and technical studies aimed at evaluating a larger-scale redevelopment . The investment decision follows a 2026 preliminary economic assessment that confirmed the project's viability. The Hope Bay property contains a mineral resource base of 5.79 million ounces of gold in the measured and indicated category and 3.33 million ounces in the inferred category .

Agnico Eagle's strong presence in Nunavut, supported by almost 20 years of experience building and operating three mines in the region, is expected to reduce execution risk, and the Hope Bay project has the environmental permits and production lease in place to support construction . The company's CEO emphasized the investment will contribute to economic development in Northern Canada and enable meaningful participation for Indigenous organizations, including the Kitikmeot Inuit Association.

Anglo American: $3.9B Coal Exit Completed

Anglo American has agreed to sell its portfolio of steelmaking coal mines in Australia to privately held Dhilmar Limited for up to $3.875 billion, comprising an upfront cash consideration of $2.3 billion payable at completion and a price-linked earnout of up to $1.575 billion . The transaction completes Anglo's exit from coal as the company reshapes itself around copper, premium iron ore, and crop nutrients ahead of its planned merger with Teck Resources.

The sale to London-based Dhilmar follows the collapse of a previous agreement with Peabody Energy and will raise cash to cut debt ahead of Anglo's planned merger with Teck Resources . Dhilmar acquired the Éléonore gold mine in Canada from Newmont in 2025 and brings significant experience in mining operations, with the acquisition reflecting its continued focus on owning and operating long-life mining assets . Together with the earlier sale of its Jellinbah interest for about $1 billion, total cash proceeds from Anglo's coking coal exit could reach as much as $4.9 billion .

Nouveau Monde Graphite: Canada Fast-Tracks Critical Mineral Mine

Canada's Finance Minister welcomed a strategic commitment by the Canada Growth Fund to invest approximately $82 million in Nouveau Monde Graphite, part of a $297 million financing package alongside Eni S.p.A., Investissement Québec and public equity financing . The Quebec-based company is developing what will become the largest graphite mine in the G7 once operational .

The investment will support NMG as they build a fully integrated Canadian graphite supply chain, backed by the Matawinie Mine at Saint-Michel-des-Saints and the continued development of the Bécancour-based refining facility . Construction teams are already on site, with over half of the estimated $474 million capital expenses secured through contracts, and commissioning projected by the end of 2028 . The project directly challenges China's dominance in graphite production, a critical mineral for electric vehicle batteries and energy storage systems.

Mineral Resources: Bald Hill Lithium Mine Restarts After 18-Month Pause

Mineral Resources will restart its Bald Hill lithium mine in Western Australia following an 18-month freeze, with the Perth-based miner announcing it will bring the fully owned Goldfields-region site back online after placing it on care and maintenance in November 2024 . The restart comes as lithium carbonate prices have surged this year, breaking a multi-year downtrend as global markets grapple with structural supply bottlenecks, including widespread mine suspensions in China and sudden raw mineral export bans in Zimbabwe .

Prices of lithium carbonates have surged more than 50% this year to break a multi-year downtrend, with the price of 99.5% lithium carbonate from China at $28,400 a tonne on Tuesday compared with $9,025 a year ago . Once fully ramped, Bald Hill has a production capacity of roughly 165,000 dry metric tons of 5.1 per cent spodumene concentrate per year, backed by a mineral resource of 58.1 million tons . Once production resumes, MinRes will be the only company globally operating three hard rock lithium mines, each with their own spodumene concentrate facilities , alongside its Wodgina and Mt Marion operations.

Agnico Eagle: Doubles Wallbridge Mining Stake to 19.9%

Agnico Eagle entered into a subscription agreement to purchase 243,927,966 common shares of Wallbridge Mining at a price of C$0.092 per share for total consideration of C$22,441,373 . The investment increases its stake in the junior company, which is developing several projects in Quebec's Abitibi region, to 19.9 per cent on a partially diluted basis, up from 9.9 per cent .

The deal comes as alternative investment manager Waratah Capital Advisors has also agreed to invest $33.5 million or 9.2 cents per share for about 364 million Wallbridge shares or a 19.9 per cent stake . Wallbridge says the investments will provide the money it requires to advance its Fenelon project in Quebec through infill drilling and a pre-feasibility study, which it expects to deliver in late 2027 or early 2028 . The strategic investment reflects Agnico's continued focus on gaining exposure to high-quality gold projects in established mining jurisdictions.

Core Lithium: Mining Begins at Finniss Grants Pit

Core Lithium has commenced mining activities at the Grants open pit, part of the Finniss Lithium Operation in the Northern Territory, Australia, following the award in April 2026 of a surface mining services contract to NRW for Grants' open-pit mining . The optimised pit design at Grants is set to access roughly 784,000t of ore, expected to yield around 134,000t of spodumene concentrate product, with processing scheduled to start by the September quarter and initial shipment projected for the December quarter .

The Final Investment Decision for the restart of operations at Finniss was approved in March 2026 , supported by a fully funded financing package. With a 20 year mine life and annual production capacity of 214kt, the project delivers compelling economics . The restart positions Finniss to capitalize on the lithium price recovery that has driven multiple Australian producers back into production after extended care-and-maintenance periods.

EnergyX and Compass Minerals: $400M Utah Lithium DLE Plant

EnergyX and Compass Minerals entered into an agreement to advance a planned 30,000 tpa commercial-scale direct lithium extraction and refinery plant near Utah's Great Salt Lake, with the Ogden site holding an identified domestic resource of up to 2.4 million metric tons of lithium carbonate equivalent . EnergyX will commit all funding with plans to invest approximately $400 million across two phases, projecting $600M+ in annual revenue at full build .

Project Powder Hound will be one of the first commercial-scale DLE facilities in the U.S., powered by EnergyX's proprietary GET-Lit technology, with EnergyX planning to design, fund, construct and operate the facility on land owned by Compass Minerals . Across both phases, lithium would be extracted without additional water withdrawal from the Great Salt Lake, with the facility expected to create nearly 200 local jobs . The project represents a significant step toward domestic lithium production using next-generation extraction technology.

What It Means

Today's announcements reveal a mining sector in transition, with capital flowing decisively toward critical minerals and battery metals. Lithium is staging a dramatic comeback—MinRes and Core Lithium are both restarting Australian operations after extended shutdowns, responding to prices that have surged more than 50% year-to-date according to market data. The speed of these restarts underscores how quickly sentiment has shifted in battery metals markets.

Meanwhile, traditional mining majors continue their strategic pivots. Anglo American's $3.9 billion coal exit clears the path for its Teck merger and copper-focused future, while Agnico Eagle is simultaneously deploying capital into large-scale gold development in Nunavut and taking strategic stakes in junior explorers like Wallbridge. Canada is emerging as a critical minerals powerhouse, with federal backing for Nouveau Monde's graphite project and EnergyX's Utah lithium plant signaling government commitment to building Western supply chains independent of Chinese dominance. Gold remains at $4,546/oz according to market data, providing a supportive backdrop for Agnico's $2.4 billion Hope Bay bet—the largest Arctic mining investment decision announced this year.

This roundup covers press releases published on May 21, 2026. Company announcements are sourced from mining industry wire services. For corrections or updates, contact contact@stakeandpaper.com.