Ontario is moving to accelerate one of Canada’s largest emerging gold projects, cutting permitting timelines in half for Kinross Gold’s (TSX:K,NYSE:KGC) Great Bear development in the Red Lake district.
The province announced that Great Bear will be designated under its new One Project, One Process (1P1P) framework, a streamlined approval system aimed at reducing government review times by 50 percent.
Located approximately 24 kilometers southeast of Red Lake in Northwestern Ontario, Great Bear is designed as a high-grade, combined open-pit and underground operation with an initial mine life of 12 years.
According to Kinross, the project is expected to produce more than 500,000 ounces of gold annually during its peak years, alongside potential initial production of 5.3 million ounces.
Great Bear has longer-term expansion potential supported by ongoing exploration.
Kinross acquired the project in 2022 through its purchase of Great Bear Resources before any formal mineral resource estimates had been completed. Major construction is expected to begin in 2027, with first output targeted for 2029.
“At a time of global economic uncertainty, Ontario is choosing to build — to build faster, to build more at home, and to build Canada’s self-reliance,” said Stephen Lecce, Ontario’s minister of energy and mines.
The project represents more than US$5 billion in capital investment and is expected to create 900 jobs during its operational life, with peak employment reaching 1,100 workers. Thousands of additional construction and indirect jobs are anticipated during the buildout phase, which is set to run between 2027 and 2029.
“The ‘One Project, One Process’ designation marks an important milestone for the Great Bear Project and reflects Ontario’s leadership in creating the right conditions for responsible, long-term mining investment,” CEO J. Paul Rollinson said, also noting that Great Bear could become one of Canada’s ‘largest and most profitable gold mines.’
The 1P1P framework is designed to address what the province has described as an outdated and fragmented permitting system that previously caused delays of up to 15 years before a mine could open.
Under the new model, the Ministry of Energy and Mines acts as a single point of contact to coordinate provincial approvals and Indigenous consultation, while maintaining the Crown’s duty to consult. The designation also complements broader infrastructure efforts in the region, including consultation on the proposed Red Lake Transmission Line, which would connect Dryden to Red Lake and support new mines and growing communities.
Ontario’s mining sector currently supports 28,000 direct jobs and 46,000 indirect jobs.
The province generated US$13 billion worth of minerals in 2024 and remains Canada’s top mineral producer, with gold accounting for a significant share of output.
Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.