For Yukon and other creditors of Victoria Gold, the preferred financial outcome is an eventual sale of the mine to a new operator with that entity paying creditors back the highest amount possible
mine, but experts say finding a buyer isn’t guaranteed, and creditors are likely to take a major haircut regardless of the outcome.last week, its management ejected and its shareholders wiped out after an Ontario judge ruled it wasn’t moving with enough urgency and lacked sufficient funding to remediate a major cyanide spill in central Yukon.at the company’s outdoor gold-processing facility in late June.
.is a possible acquirer of Eagle, and given that it is a large, diversified miner with expertise in running big sites in northern Canada, it’s a buyer that would likely be welcomed by the Yukon government.company coming in to take on the project, “said Mr. Smith. “They’re going to want somebody that’s got a little bit more substance.”
What is unknown is whether the mine is sizable enough to move the needle at Agnico. Eagle, which went into production just less than four years ago, had a projected mine life of 12 years, and was producing about 200,000 ounces of gold a year.Natalie Frackleton, director, external communications with Agnico, in an e-mail to The Globe and Mail said the company does not comment on market speculation.
Philippines Latest News, Philippines Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Gold SWOT: If gold is poised to move, gold stocks may finally be back in playThe Kitco News Team brings you the latest news, videos, analysis and opinions regarding Precious Metals, Crypto, Mining, World Markets and Global Economy.
Read more »
Gold SWOT: Canaccord sees gold setting new record highs in 2024The Kitco News Team brings you the latest news, videos, analysis and opinions regarding Precious Metals, Crypto, Mining, World Markets and Global Economy.
Read more »
Paris Olympics ‘gold’ medals contain only six grams of goldThe Kitco News Team brings you the latest news, videos, analysis and opinions regarding Precious Metals, Crypto, Mining, World Markets and Global Economy.
Read more »
Gold price could decline after Fed rate cut, gold and silver tops likely inThe Kitco News Team brings you the latest news, videos, analysis and opinions regarding Precious Metals, Crypto, Mining, World Markets and Global Economy.
Read more »
Gold can climb to at least $2,650 by year end: Alamos Gold CEOGold futures (GC=F) retreating on Friday but not before hitting a fresh record high. The precious metal up nearly 20% this year amid safe-haven demand...
Read more »
‘Gold ‘n guns’ proxy sees gold at $2,480 by year-endThe Kitco News Team brings you the latest news, videos, analysis and opinions regarding Precious Metals, Crypto, Mining, World Markets and Global Economy.
Read more »