en.Wedoany.com Reported - According to the latest report released by PricewaterhouseCoopers (PwC), the court-appointed receiver for the Eagle Mine in Canada's Yukon Territory, cleanup costs for the mine have reached $301 million and are expected to climb to $377.5 million by the end of September 2026. The incident occurred on June 24, 2024, when a heap leach pad failure caused a landslide of approximately 4 million tonnes of material, with about 2 million tonnes breaching containment and releasing at least 280,000 cubic meters of cyanide-containing solution.
The Eagle Mine, located in Canada's Yukon Territory, was operated by former operator Victoria Gold Corp. At the time of the incident, a section of the heap leach pad collapsed and slid into a nearby creek, with the landslide extending approximately 1.5 kilometers. No injuries were reported. Following the incident, the Yukon government appointed PwC as the court-appointed receiver to take over the mine, and cleanup operations commenced. During this period, the receiver coordinated with multiple stakeholders, including the Yukon government, the Na-Cho Nyäk Dun First Nation, and an independent review panel. In July 2024, the independent review panel determined that inadequate drainage systems in the heap leach pad, lack of monitoring, and excessive pressure and weight were the primary causes of the collapse.
The report indicates that between April and September 2026, approximately $24.4 million will be allocated for water treatment, water storage, and heap leach pad stabilization; approximately $32.3 million for equipment, personnel costs, utilities, and accommodation; and approximately $16.5 million for site management and technical consultants. The Yukon government has approved an increase in PwC's maximum loan facility from $105 million to $220 million to support cleanup efforts. According to a January 5, 2026, news release from the Yukon government, the credit agreement has been extended to April 1, 2026. To date, PwC has drawn $185 million, with $35 million remaining available. The remaining cleanup costs are being funded through the sale of other Victoria Gold assets, including the sale of a royalty interest to Franco-Nevada for $55 million in April 2026.
Following the incident, the court placed Victoria Gold under receivership proceedings in August 2024. The receiver initiated a mine sale process in June 2025, accepting bids until December 2025. In April 2026, Boroo Pte Ltd., a Singapore-based private mining company, signed a 90-day exclusivity agreement with the receiver, becoming the sole potential buyer, with negotiations expected to continue until July 22, 2026. Boroo, which holds assets in Peru and Mongolia, produced 76,000 ounces of gold in 2025. However, if the transaction is completed, the Yukon government will be among the priority creditors for loan recovery.
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