An aerial photo of the landslide at the heap leach facility at the Eagle Gold Mine. Photo Courtesy of the Yukon Government.
Whitehorse, YT – PricewaterhouseCoopers (PwC), the court-appointed receiver for Victoria Gold, has filed a court motion to raise its borrowing limit from $105 million to $220 million to continue remediation at the Eagle Gold Mine.
The request follows a previous increase from $50 million to $105 million in December, with PwC reporting that the current funds will be exhausted by April.
A report from the receiver suggests the Yukon Government will provide the additional funding if the motion passes.
PwC estimates that remediation work from April to September will cost $132 million, surpassing the $118 million allocated for the mine in the territorial budget.
Yukon Party Leader Currie Dixon is calling for PwC to testify before the Legislature, criticizing what he sees as excessive and inefficient spending.
“They are spending money like drunken sailors up there,” said Dixon. “I don’t think it’s been invested wisely. I think it’s been inefficient.”
Yukon NDP Leader Kate White renewed calls for a public inquiry into the mine and echoed concerns about ongoing high costs.
“We’ve got Victoria Gold that just continues to take money. It’s problematic. It’s definitely of deep concern,” said White. “I wonder and worry about what the future is there.”
The Ontario Superior Court of Justice will hear the increase request on April 1st.
