Agnico Eagle Mines Ltd. is moving ahead with a large gold mine in Canada’s far north, a project being hailed by Prime Minister Mark Carney’s government as an anchor for economic development in the strategically important Arctic region.

Agnico Eagle Mines Ltd. said it will invest about C$14 billion ($10.2 billion) in Ontario, which the province says is one of the biggest ever private sector commitments in its mining industry.

Agnico Eagle Mines Ltd. plans to spend C$3.7 billion ($2.7 billion) to acquire three gold projects in northern Finland, expanding the Canadian miner’s footprint in the Scandinavian country.

Agnico Eagle Mines Ltd. Chief Executive Officer Ammar Al-Joundi said the gold producer is “very well-positioned” to pursue acquisitions should opportunities emerge, signaling a renewed openness to deal-making after years focused on growing output from existing mines.

Barrick Mining Corp.’s proposal to hive off its US assets from its sprawling portfolio in riskier countries will pique the interest of rival miners, according to analysts.