Singapore's Boroo Plans C$140 Million Acquisition of Canadian Gold Mine

en.Wedoany.com Reported - On October 22, Singapore-based mining company Boroo announced that it has signed an acquisition agreement with PricewaterhouseCoopers, the court-appointed receiver of Canada's Victoria Gold Corp., planning to acquire the company and its Eagle Gold Mine in Yukon for C$140 million. Boroo also plans to invest more than C$1.4 billion in environmental remediation of the mine site, restoration of production facilities and subsequent operations. The transaction remains subject to approval by the Ontario Superior Court of Justice and is expected to close by the end of December 2026.

Under the transaction arrangements, Boroo will acquire all equity interests in Victoria Gold through its wholly owned subsidiary Gatsuurt Mining. The C$140 million consideration consists of a C$40 million upfront cash payment and C$100 million in staged cash payments tied to mine permitting and commercial production milestones. The acquisition scope covers the Eagle Gold Mine, related subsidiaries, the Dublin Gulch and Victoria Block West mining claims, and the Olive Crown Grant mining assets.

The Eagle Gold Mine has been out of production since a heap leach facility collapse in 2024. The incident resulted in the release of approximately 2 million tonnes of cyanide-containing ore and water, after which the mine entered court receivership proceedings. Boroo plans to invest approximately C$800 million between 2027 and 2029 to carry out environmental remediation of the mine site, construction of water treatment facilities, geotechnical reinforcement and phased resumption of production. This investment forms part of the planned funding arrangement for the next three years and has not yet been fully committed to engineering contracts.

Since obtaining exclusive acquisition negotiation rights in April 2026, Boroo has conducted geotechnical assessments, water quality sampling, mining equipment inspections and reviews of historical production data at the mine site. The company has also settled the main terms of a framework agreement with the Yukon government, intended to take effect upon completion of the transaction, covering mine governance, resumption of production and ultimate closure responsibilities. For the initial operating phase of the mine, the company also plans to invest an additional more than C$600 million over the entire initial mine life to sustain and extend mining activities.

According to the current transaction timetable, the receiver plans to apply to the court for approval in early December 2026, with the goal of completing the closing around December 31. The transaction is also subject to conditions including review under Canada's Competition Act and consent from the Yukon government. The specific date for resuming production at the mine, the restored annual gold output and the main remediation contractors have not yet been announced.