Ontario has designated Kinross Gold Corp.'s Great Bear operation in northwestern Ontario for accelerated permit approval under its streamlined One Project, One Process initiative. This move could significantly hasten the development of one of Canada's largest new gold mines in recent decades, positioning Kinross as the first major mining company to receive fast-track status through this provincial program.
Project Details and Economic Impact
Located approximately 24 kilometres southeast of Red Lake in a historically rich mining district, the Great Bear project represents a planned open pit and underground mining operation. According to preliminary economic assessments, the mine is projected to yield about 500,000 ounces of gold annually over a span of nearly ten years. Kinross anticipates further expansion in subsequent phases, which could elevate the mine to rank among Canada's most substantial gold-producing operations.
Timeline and Provincial Support
The company has established a construction timeline with mine development scheduled to commence in 2027, targeting initial gold production by 2029. Ontario's Minister of Energy and Mines, Stephen Lecce, emphasized the strategic importance of this designation during a press conference in Mississauga. "By fast-tracking Kinross Gold's Great Bear Project, we're getting shovels in the ground, proving that world-class projects can be built with speed and in partnership," Lecce stated in an official release.
This initiative forms part of Ontario's broader strategy to stimulate economic activity across the province. The Great Bear mine is expected to generate approximately 1,000 jobs throughout its operational lifespan, with additional temporary employment opportunities arising during the construction phase. Furthermore, the province is exploring the installation of roughly 200 kilometres of new electric transmission lines in the Red Lake area to support mining operations and foster additional economic development.
Streamlined Approval Process
The designation under Ontario's One Project, One Process framework means the province will provide a single point of contact to oversee all necessary permits for mine construction, including Indigenous consultation processes. This marks the third project to receive such designation since the program's announcement in October, following earlier approvals for lithium and nickel mining ventures led by junior miners focused on critical minerals.
J. Paul Rollinson, Chief Executive Officer of Kinross, highlighted the benefits of this streamlined approach. "For Kinross, this designation facilitates a more integrated and streamlined path forward," Rollinson noted in a company statement.
Background and Financial Context
Kinross acquired the Great Bear project in 2021 through a transaction valued at approximately $1.8 billion. The deal attracted attention as Kinross paid a 26.5 percent premium on the share price of the previous owner, Great Bear Resources Ltd., despite the absence of a formal resource estimate at that time. By 2024, Kinross had completed a comprehensive mineral assessment confirming over six million ounces of gold within the deposit.
The company, which is scheduled to report its fourth-quarter earnings, is projected to have produced around two million ounces of gold in 2025. Kinross has experienced substantial stock appreciation amid rising gold prices, with shares increasing by 179 percent over the past twelve months to $44.81 per share, though recent declines of 4.5 percent have occurred as gold prices retreated to approximately US$5,000 per ounce.
