Eagle gold mine cleanup costs more than $11M a month, receiver says
(Victoria Gold)
By Gabrielle Plonka
Remediation at the Eagle gold mine is projected to cost $76.5 million this spring and summer, according to receiver PricewaterhouseCoopers (PwC).
That’s a minimum of $11 million every month, says a recent report published by PwC.
PwC has been managing Victoria Gold’s affairs since it was placed into receivership after a heap leach failure at Eagle in June 2024.
A spending breakdown says between April and September 2026, nearly $24.4 million will go towards on-the-ground cleanup work such as water treatment, water storage and heap leach stabilization. The receiver expects costs to increase during spring snow melt, which requires increased surface water management.
Another $32.3 million will go towards equipment, staff costs, utilities and accommodations. “Off-site” overhead costs such as site management and technical advisors will cost $16.5 million.
In total, from January to September 2026, PwC is expecting to spend $110 million.
The work is partially paid for by a $220 million loan from the Yukon government that was secured in March 2025. At the time, the receiver was expecting to spend $185 million from April to December 2025.
The receiver says it hasn’t hit that $220 million limit yet. The report says it’s offsetting costs by selling some of Victoria Gold’s assets, which it says brought in $27 million up to March 31. In April, an additional royalty sale to Franco-Nevada generated another $55 million.
The cleanup work continues as PwC says it’s launching negotiations with a potential buyer for the mine. In late April, it announced that Boroo, a company from Singapore, entered a 90-day exclusivity agreement. That agreement means Boroo is the only company in talks to buy the mine right now.
The receiver says it’s facilitating negotiations with Boroo, the Yukon government and the First Nation of Na-cho Nyak Dun and preparing a sale proposal.
The Yukon government says the mine’s sale will be the first opportunity to recover that $220 million.
Related stories from around the North:
Canada: First Nation of Nacho Nyäk Dun neutral on possible gold mine sale, slams Yukon gov’t handling of process, CBC News
Greenland: Greenland’s leader hails EU as trusted friend and urges investment in its minerals, The Associated Press
Norway: Lawmakers in Norway make a deal opening up for deep sea mining in Arctic Ocean, The Associated Press
Russia: Norilsk Nickel admits trouble as Russia’s war-torn economy suffers due to sanctions, The Independent Barents Observer
Sweden: Just how significant is the discovery of rare earth metals in Arctic Sweden?
United States: Alaskan tribes sue B.C. gov’t over mines in far northwest, CBC News
