Michelle Grant, PricewaterhouseCoopers Senior Vice President, Corporate Advisory & Restructuring, during a September 20th, 2024 Eagle Gold Mine update. Photo Courtesy of Macklen Linke/CKRW.
Whitehorse, YT – PricewaterhouseCoopers (PwC) has filed a court motion with the Ontario Superior Court of Justice that could double their borrowing limit from $50 million to $105 million for the remediation of the Eagle Gold Mine.
If approved, the motion would also raise asset sale limits from $500,000 to $1 million per transaction.
PwC, appointed as receiver of Victoria Gold in August 2024, would use the additional funds to support ongoing cleanup efforts following the June 2024 heap leach failure.
The total cost of remediation is expected to range between $100 million to $150 million.
The Yukon Government has already advanced $50 million for the remediation work, but the Department of Energy, Mines and Resources says this is a loan to be repaid from Victoria Gold’s assets—not taxpayers.
The independent review board investigating the heap leach failure will also be funded through these advanced funds, and the government says the proposed changes will not affect remediation progress.
The court will hear the motion on December 9th.
