Boroo Pte. Ltd. has agreed to acquire Victoria Gold out of receivership, putting the idled Eagle gold mine in Yukon on a path back to production more than two years after a heap leach failure forced it to shut down.
Under a subscription agreement with PricewaterhouseCoopers, the court appointed receiver, Boroo subsidiary Gatsuurt Mining Inc. would become Victoria’s sole shareholder. Total consideration is $140 million, made up of $40 million in upfront cash and $100 million in cash payable in stages tied to permitting and commercial production at Eagle.
Boroo will also take on certain ongoing remediation obligations and provide interim financial assurance to the Government of Yukon at closing to secure reclamation of the site.
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The transaction is to be carried out through a reverse vesting order, allowing Victoria to exit receivership under new ownership while certain pre-closing liabilities are moved into a newly formed entity that stays in the proceedings. Boroo is to acquire the Eagle mine, certain Victoria subsidiaries, the Dublin Gulch and Victoria Block West quartz and placer claims, the Olive Crown Grant and a set of retained contracts.
The receiver plans to seek approval from the Ontario Superior Court of Justice in early December, with closing targeted for on or about December 31. The deal also requires Competition Act clearance and the consent of the Yukon government in its role as receivership lender.
Beyond the purchase price, Boroo expects to spend roughly $800 million between 2027 and 2029 on environmental rehabilitation, water treatment infrastructure, geotechnical stabilization and a phased restart. A further $600 million or more is planned over the initial mine life, bringing the company’s total expected commitment to more than $1.5 billion.
The restart plan runs in 3 phases. The first focuses on stabilizing the failed heap leach facility, remediating the Dublin Gulch valley and capturing and treating cyanide impacted water, ahead of a mine restart and later extension. Boroo has already settled a framework agreement with the Yukon government covering remediation, restart and closure, while discussions with the First Nation of Na-Cho Nyäk Dun are ongoing.
Chief Executive Officer Dulguun Erdenebaatar called the agreement “a pivotal turning point for this foundational Yukon asset,” noting that the company’s technical and environmental teams spent much of the past year on site completing due diligence.
Eagle was Yukon’s largest gold mine until June 2024, when a slide at the heap leach pad released cyanide-bearing material and halted operations. The territorial government later moved to place Victoria into receivership after the company was unable to fund the cleanup.
Boroo, a privately held mining company, has completed 4 acquisitions since 2018 and positions itself as a specialist in operational turnarounds.
