Canadian mining giant secures billion-euro gold deals in Finnish Lapland

Canadian mining company Agnico Eagle has agreed to acquire gold deposits in Finnish Lapland from three separate firms in a deal potentially worth €2.6 billion, a move that could double its gold production in Finland, reports Finnish broadcaster Yle.

The transactions, announced Monday, grant Agnico Eagle control over nearly 2,500 square kilometres of mineral-rich land in Central Lapland’s greenstone belt, including the Ikkari gold project from Rupert Resources. The area is already home to the company’s Kittilä mine, Europe’s largest primary gold operation, which produced roughly 6,700 kilograms of gold in 2025.

Agnico Eagle aims to increase its annual gold output in Lapland to about 15 tonnes—nearly double last year’s yield. At current market prices, 15 tonnes would be valued at approximately €2 billion. The company also anticipates “synergies worth hundreds of millions” by expanding near its existing Kittilä operations, where the new deposits could extend the mine’s lifespan.

Pekka Suomela, director of the Finnish Mining Association, called the deal “extremely significant,” noting that the €2.6 billion sum dwarfs previous Finnish mining transactions, such as the €650 million paid for the Kevitsa multi-metal mine in Sodankylä. “I don’t recall seeing comparable figures in Europe,” Suomela told Yle.

The greenstone belt also contains other minerals, including copper, nickel, and platinum-group metals. Agnico Eagle emphasized that the region’s gold potential remains partially unexplored, leaving room for further discoveries.

Gold prices have reached record highs this decade, potentially accelerating mining activity in the region.

The acquisitions include Rupert Resources, Aurion Resources, and B2Gold, with Agnico Eagle citing proximity to its Kittilä mine as a key strategic advantage.