Singapore firm set to buy Yukon’s Eagle Gold mine for $140M

A Singapore-based mining company has entered an agreement to acquire the beleaguered Eagle Gold mine in the Yukon for $140 million, more than two years after it was shut down following a massive collapse, with plans to invest a further $1.4 billion in operations and other costs.

A statement from Boroo Pte. says that if the deal is approved by the court, 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 says it would also spend more than $600 million over the initial life of the mine “to support and extend mining operations.”

The 2024 failure at Eagle Gold’s heap-leach facility released about two-million tonnes of cyanide-laced ore and water into the environment, leading to control of the mine being taken over by a court-appointed receiver.

Boroo says that since it entered an exclusivity agreement in April to potentially buy the site it has deployed “substantial technical, environmental, and financial resources” and come up with its own plan aimed at “stabilizing the site, completing environmental remediation activities and restarting the mine.”

The Yukon government is expected to hold a news conference, and Boroo’s statement says the plan is to ask a judge to approve the proposed transaction this December.