Construction at the Meadowbank mine site located in the Nunavut Territory of Canada has already begun, and initial production is expected to begin in January 2010. It has probable gold reserves of 3.5 million ounces; 29.3 million tonnes at 3.7 grams/tonne.
The Meadowbank project will employ approximately 340 people during construction, and 310 during its operations, about half of whom will be Kivalliq residents. The project has already realized substantial benefits to the residents of Baker Lake in the recent construction of a 108km all-weather access road up to the mine site. Meadowbank will require initial capitalization of $375 million (to build), and $65 million in sustaining cost once operational.
Nunavut comprises a major portion of northern Canada, and most of the Canadian Arctic Archipelago. It is both the least populated (under 30,000) and the largest of the provinces and territories of Canada, encompassing approximately one fifth of the country's land mass, including seven of Canada's 12 largest islands and two thirds of the country's coastline.