The Royal Canadian Mint’s new one-ounce, 99.99-per-cent pure gold bullion coin is made of gold sourced from Agnico Eagle’s Meliadine mine. (Image courtesy of the Royal Canadian Mint)

Mint picks Nunavut gold for single-source coin

Coin made from gold mined from Agnico Eagle’s Meliadine mine

By Nunatsiaq News

The Royal Canadian Mint is turning to a Nunavut gold mine to show off its evolving refining abilities and address a growing worldwide interest in where precious metals come from.

All the gold in the mint’s 2022 $50 bullion coin comes from Agnico Eagle’s Meliadine mine, north of Rankin Inlet, the mint announced in a news release this week.

The Maple Leaf bullion coin is a one-ounce, 99.99-per-cent-pure gold coin. It will be available through the mint’s network of bullion coin dealers.

The sugar maple leaf depicted on the coin has long been the symbol of the Canadian mint’s bullion coins, which are considered investments — rather than to be used in circulation.

The value of gold coins fluctuates with market prices for gold, which was trading at about US$1,650 an ounce on Friday, according to the Monex Precious Metals website.

Royal Canadian Mint president and CEO Marie Lemay said precious metals investors can count on the mint for “responsibly sourcing the gold and silver we refine.”

Around the world, there is growing pressure on precious-metal buyers to consider the environmental impact of mining and the treatment of people who work in the mines.

Agnico Eagle president and CEO Ammar Al-Joundi said the company, which has operated in Nunavut for 13 years, strives to be a good neighbour and good employer. The 65-year-old firm is now Canada’s largest miner of Canadian gold and the third-largest gold producer in the world, the news release states.

“Agnico Eagle is proud to be a partner of choice as a trusted source of responsibly produced gold,” Al-Joundi said.

The company’s Meliadine mine, which began production in 2019, is its second gold mine in the Kivalliq region.

 

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(7) Comments:

  1. Posted by G-man Choi on

    Well this is nice to see, I might have to purchase one of these coins.

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  2. Posted by Make it make sense to me please on

    Can somebody explain to me how this 1 oz coin costs $50 when the price of 1 oz of gold is $1,650? Couldn’t it just be bought for $50 and sold for $1,650?

    • Posted by 867 on

      Face value is $50 but only a fool would use it to buy something at the store. Gold bullion needs a face value because it is still legal tender and this protects its value in case gold is the unlikely event that gold is one day worthless.

    • Posted by Alan Klie on

      $50 is just the face value but if you wanted to buy an actual coin, the unit price will be much higher, probably even above what the current price of gold is. The idea is these coins are an investment and won’t be used in general circulation.

    • Posted by Northern Guy on

      $50 is the coin’s monetary face value. Given that it is a 1-ounce coin that is 99.9% pure gold the actual cost to purchase one will be tied to the market price of gold and will be significantly higher than its monetary face value.

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