New gold coin from the Royal Canadian Mint completely sourced from a northern Ontario mine

A new coin from the Royal Canadian Mint is made with gold that is completely sourced from a mine in northeastern Ontario.

The maple leaf bullion coin is only the third single-sourced gold coin ever from the Royal Canadian Mint.

It features an effigy of King Charles III by artist Steven Rosati on one side and a maple leaf on the other.

While the coin is a $50 denomination, because it's an ounce of almost pure gold, its actual value is closer to $3,500.

The gold was sourced from Agnico Eagle's Detour Lake mine, north of Cochrane, Ont.

The Royal Canadian Mint says it started its program for special edition single-sourced coins in 2022.

The program was in response to market demand and to show greater transparency in the origin of precious metals.

Andre Leite, Agnico Eagle's vice-president of Ontario operations, says he's proud to have the mine's gold featured in the new coin.

"It gives us the opportunity to showcase to and communicate to a broader audience about our business here," he said.

Leite says he plans to purchase three of the coins one for each of his children.

"I would say it's an investment," he said. "I personally hold some gold and I think that, in my opinion, it is a good investment."

He addsthat a lot of employees at the mine have also shown an interest in purchasing some of the coins.

Leite says the company also plans to grow its gold production in Ontario by 50 per cent in the next six to seven years.

Those plans include an underground expansion at the Detour Lake mine, which is currently an open pit.There are also plans to developwhat the company calls the Upper Beaver project, which is a gold deposit near Kirkland Lake, Ont.

With the underground expansion, Detour Lake says it will produce around 1 million ounces of gold a year.