Private investment firm Boroo is negotiating to purchase the collapsed Eagle Mine site in Yukon, with an exclusivity agreement in place until July 22, 2024. The site was previously owned by Victoria Gold, which faced a significant landslide that released cyanide-laden solution on June 24, 2024, prompting a C$220 million cleanup authorized by the Yukon government. Boroo is the only party in discussions for the site, located approximately 375 km north of Whitehorse.
The Eagle Mine’s assets were estimated at nearly C$825 million, with C$458 million in associated liabilities from the landslide, including C$109 million for remediation costs. Before the landslide, an updated 2023 mine plan projected gold production of 2.05 million ounces over 12 years, with proven reserves of 124 million tonnes grading 0.65 grams gold per tonne.
As part of their negotiations, Boroo will conduct further due diligence and engage with the Yukon government and local First Nations to facilitate the potential restart of mining operations. The mine’s recovery plan poses opportunities for Boroo, which has experience in managing troubled assets, following its turnaround of Barrick Mining’s Lagunas Norte in Peru.
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