Sightful Invest
  • Business
  • Investing
  • Politics
  • Stock
Top Posts
House conservatives to lead prayer for end to...
GOP senators push for Charlie Kirk statue in...
Biden autopen investigation ‘has heated up’ as DOJ...
States sue Trump admin over billions in looming...
NASA’s ‘quiet’ supersonic jet completes first flight in...
Trump claims Asia tour returned ‘trillions’ to US...
‘Unprecedented’ panel of federal judges will tackle antisemitism...
Schumer, Dems call ‘bull—-‘ on Trump administration over...
US rescue teams to descend on hard-hit Caribbean...
Republicans dub Fetterman ‘voice of reason’ after he...
  • Business
  • Investing
  • Politics
  • Stock

Sightful Invest

Investing

Victoria Gold Placed into Receivership After Heap Leach Pad Failure at Eagle Gold Mine

by admin August 16, 2024
August 16, 2024
Victoria Gold Placed into Receivership After Heap Leach Pad Failure at Eagle Gold Mine

Victoria Gold (TSXV:VGCX,OTC Pink:VITFF), the owner of the Yukon-based Eagle gold mine, has been placed into receivership after the collapse of a heap leach pad at the site in June.

The company said on Wednesday (August 14) that the Yukon government had made a receivership application to the Ontario Superior Court of Justice, and the court granted the application later that day.

According to the Globe and Mail, the Yukon is looking to exert greater control over cleanup and impact mitigation efforts after the heap leach pad incident, which has raised questions about the future of mining in the territory.

About 4 million metric tons of cyanide-laden rock collapsed at Eagle on June 24, releasing around 2 million metric tons of contaminated material into the surrounding environment, extending beyond the mine’s containment zone.

The mine, which is situated on the traditional territory of the First Nation of Na-Cho Nyak Dun, has since become the center of a contentious battle between the mining company and the Yukon government. The company has since been managing the cleanup, but its efforts have been criticized by both the government and the First Nation.

The Globe and Mail notes that the government has already stepped in to take over parts of the environmental mitigation process after Victoria Gold failed to meet certain directives, including the construction of a critical safety berm.

Victoria Gold said in Wednesday’s press release that it would oppose receivership.

While the company is committed to moving forward at Eagle, stakeholders’ frustration is growing.

“The company has lost our confidence and we do not believe they will be able to effectively address this disaster they created in our traditional territory,” said First Nation of Na-Cho Nyak Dun Chief Dawna Hope in an August 1 statement.

The First Nation has requested a public inquiry to investigate the failures that led to the incident, and to ensure similar disasters do not occur in the future; it also wants Victoria Gold leadership to be removed from cleanup efforts.

The environmental impact of the cyanide spill continues to unfold. Last week, Yukon officials reported that dead fish were found in a creek near the mine, likely killed by contaminants released from the site. Additionally, water samples taken downstream from the mine have shown cyanide levels that exceed guidelines for aquatic life.

Groundwater contamination has also been detected, although Yukon’s chief medical officer of health, Dr. Sudit Ranade, has assured the public that the contamination does not pose a threat to drinking water. ‘These are separate systems, and so at this time, the drinking water system that is regulated is still not at risk,’ he told the Canadian Press on August 9.

PwC has been appointed the receiver for Victoria Gold, and will now be responsible for mitigation work at Eagle.

Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.

This post appeared first on investingnews.com

previous post
Allup Strengthens its Board with Mine and Finance Delivery Expertise with Mr Peter Secker and Simon Finnis Joining the Company Effective Immediately
next post
Source Rock Royalties Declares Monthly Dividend

You may also like

5 Biggest Pharmaceutical ETFs in 2024

August 22, 2024

Stellar AfricaGold Inc Intersects Multiple Wide High-Grade Gold...

October 2, 2025

Blue Lagoon Resources Added to CSE25 Index –...

June 27, 2025

Adisyn Ltd (ASX: AI1) – Trading Halt

July 25, 2024

Silver Hammer Announces Receipt of Updated and Revised...

October 14, 2025

Black Mountain: Strategy & Drilling Plans

October 3, 2024

Apollo Silver Announces Upsize of Private Placement Offering

October 4, 2025

Asara Raises $2.3M in Placement to Underpin Exploration...

February 20, 2025

US Electricity Demand to Surge — Nuclear Energy...

March 15, 2025

Tech 5: Softbank to Invest US$2 Billion in...

August 24, 2025

Recent Posts

  • House conservatives to lead prayer for end to political violence, government shutdown
  • GOP senators push for Charlie Kirk statue in Trump’s National Garden of American Heroes
  • Biden autopen investigation ‘has heated up’ as DOJ looks at Delaware, DC: source
  • States sue Trump admin over billions in looming cuts to SNAP, food stamps
  • NASA’s ‘quiet’ supersonic jet completes first flight in potential breakthrough for commercial air travel

    Sign up for our newsletter to receive the latest insights, updates, and exclusive content straight to your inbox! Whether it's industry news, expert advice, or inspiring stories, we bring you valuable information that you won't find anywhere else. Stay connected with us!


    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Categories

    • Business (946)
    • Investing (3,304)
    • Politics (4,045)
    • Stock (4)
    • About us
    • Contact us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: sightfulinvest.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2025 Sightful Invest. All Rights Reserved.