Private entity Boroo has agreed to acquire Victoria Gold for up to C$140 million (about $100 million), advancing plans to potentially rehabilitate and restart its Eagle gold mine more than two years after a heap-leach collapse shut the Yukon operation.
The Singapore-based buyer would pay C$40 million upfront and another C$100 million as permitting and commercial-production milestones are met, it said in a release Thursday. Eagle lies about 375 km north of Whitehorse, in the traditional territory of the First Nation of Na-Cho Nyäk Dun.
“Our agreement to acquire Victoria Gold and the Eagle gold mine marks a pivotal turning point for this foundational Yukon asset,” Boroo CEO Dulguun Erdenebaatar said in a statement. “Over the past year, our technical and environmental teams have spent countless hours on the ground conducting rigorous due diligence to ensure that the Eagle mine can be restarted responsibly and that the site’s environmental challenges are addressed.”
Discussions with the Na-Cho Nyäk Dun remain ongoing, the company said.
The agreement offers a route out of receivership for Victoria following the June 2024 failure, which released contaminated material beyond the mine’s containment system. Court approval is still required, and the proposed purchase leaves important questions about the division of cleanup liabilities and recovery of public funds.
Restart spending
Boroo expects to spend about C$800 million between 2027 and 2029 on rehabilitation, water treatment, site stabilization and a phased restart. It anticipates spending more than C$600 million over the initial mine life to support and extend operations.
Those plans, together with the purchase price, underpin its announced commitment of more than C$1.5 billion into Canada. The company didn’t disclose a firm production restart date or identify financing committed specifically to Eagle.
Wholly owned subsidiary Gatsuurt Mining would become Victoria’s sole shareholder. Receiver PricewaterhouseCoopers intends to seek approval from the Ontario Superior Court of Justice in early December, targeting closing around Dec. 31.
Boroo said it would assume certain remediation obligations and provide financial security to Yukon at closing. Under the proposed court order, some existing liabilities would remain with Victoria while others would transfer to a separate company that stays in receivership. The announcement didn’t disclose the amount of security.
Boroo said it had settled terms of a framework agreement with Yukon authorities covering remediation, restart and closure, effective when the acquisition closes.
Mongolian ownership
Boroo is privately held and ultimately controlled by Mongolian investor Tulga Erdenebileg, according to its June financial statements. A May 2025 takeover filing disclosed that he owned 70% through TDB Capital Singapore and Eminent Stride, with ABC Trading holding 20% and CEO Erdenebaatar 10%.
Erdenebileg also indirectly owns 29.69% of Mongolia’s Trade and Development Bank, according to the bank’s investor disclosures.
Boroo acquired Barrick’s Lagunas Norte gold mine in Peru in 2021 and controls Steppe Gold (TSX: STGO). A February filing put its Steppe interest at 56.88%.
June accounts for Boroo and a defined group of subsidiaries reported $498.8 million in cash, $391.7 million in borrowings and a further $107.2 million in bonds payable to related group companies. These accounts don’t fully consolidate all Boroo subsidiaries.
The group raised $300 million through a 9.5% bond issue last year. Its annual outlook also outlined about $390 million of spending in 2026–27, principally for a processing expansion at Lagunas Norte.
Cleanup legacy
An independent review attributed Eagle’s June 24, 2024 failure to static liquefaction, in which material loses strength and flows. It identified poorly draining ore, accumulated water, irrigation and slope conditions as contributing factors. About 1.8 million tonnes escaped containment.
PwC became receiver on Aug. 14, 2024, following Yukon’s application. Boroo entered exclusive acquisition talks in April this year.
Yukon has authorized loans of up to C$220 million to the receiver, secured by a priority claim over other creditors. That ceiling doesn’t represent the amount ultimately spent or recovered.
Boroo’s initial work would focus on stabilizing the failed heap and treating cyanide-impacted water. Its proposed restart also includes reviewing pit and waste-rock stability, validating reserves and resources, repairing equipment and introducing tighter controls over ore characteristics and blending.