Parties
Company
Victoria Gold Corp.
Company
PricewaterhouseCoopers International Limited
Government
Yukon Government
Company
Lenders
Company
Osisko Gold Royalties
Government
First Nation of Na-Cho Nyak Dun
Company
Parsons Inc.
On August 14, 2024, Victoria Gold Corp., the owner and operator of the Eagle Gold Mine in Dublin Gulch, Yukon, was placed in receivership on August 14 following a catastrophic heap leach failure on June 24. The failure led to the release of approximately 2 million tons of ore material, causing significant environmental risks due to the escape of harmful chemicals, including cyanide. The Yukon Government initiated the receivership due to the company's inadequate response to the disaster and its failure to demonstrate the financial capability to manage the estimated $100-150 million required for remediation, with $40-50 million needed in the immediate 90 days. PwC was appointed as the receiver. Legal counsel included TGF for the Yukon Government, Bennett Jones for Victoria Gold, Fasken for the Syndicate of Secured Lenders, Stikeman Elliott for Osisko Gold Royalties, Pape Salter Teillet and Tyr for the First Nation of Na-Cho Nyak Dun, and Gowling WLG for Parsons, the proposed lead environmental consultant.
Deal Type
OtherIndustry
MiningTransaction
Undisclosed/ConfidentialDeal Status
ActiveClosing Date