The Eagle Gold mine once accounted for between five and seven per cent of the Yukon’s GDP before it was shut down by a 2024 environmental disaster.
But the beleaguered operation could have a new life, after a Singapore-based mining company announced Thursday it had entered an agreement to acquire it for $140 million, with plans to invest a further $1.4 billion in operations, cleanup and other costs.
Boroo Pte. said in a statement that if the deal gets court approval, it would come with planned capital investment of about $800 million between 2027 and 2029 for environmental rehabilitation, water treatment infrastructure, geotechnical stabilization and “phased restart activities.”
The company said it would also spend more than $600 million over the initial life of the mine “to support and extend mining operations.”
It’s also expected to provide $104 million in securities to cover reclamation costs when the new mine is eventually shuttered.
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