Singapore firm to buy Eagle Gold Mine for $140 million

A Singapore-based mining company has agreed to buy the Eagle Gold Mine in the Yukon for $140 million, with plans to spend more than $1.5 billion restarting the operation, Boroo Pte. Ltd. said in a news release Thursday.

Boroo's wholly-owned subsidiary, Gatsuurt Mining Inc., would become the sole shareholder of Victoria Gold Corp. through a court-approved sale process. The agreement was reached with PricewaterhouseCoopers Inc., the court-appointed receiver and manager of Victoria Gold, which owns the mine.

The $140 million purchase price comprises $40 million in upfront cash and a further $100 million to be paid in staged milestones tied to permitting and commercial production. Boroo will also assume certain ongoing remediation obligations and provide interim financial assurance and security to the Government of Yukon on closing.

Beyond the purchase price, Boroo said it plans to deploy approximately $800 million between 2027 and 2029 on environmental rehabilitation, water treatment infrastructure, geotechnical stabilization and phased restart activities. Follow-on commitments of over $600 million are expected over the initial life of the mine.

Michelle Grant of PricewaterhouseCoopers said at a news conference Thursday that the deal "marks a turning point" and that "the Eagle gold mine has a path forward," according to CBC News. Grant said "Yukoners have a credible plan for the return of their investment and a capable new operator is prepared to take on the challenge of bringing this mine back to life."

Yukon Economic Development Minister Jen Gehmair said the transaction means "Yukon taxpayers will no longer be funding this work through the receiver" and that the territorial government will be "fully repaid" for money spent on emergency cleanup work, CBC News reported. A $220 million loan from the Yukon government, secured in March 2025, has been partially funding remediation that PwC said was costing a minimum of $11 million per month.

Yukon Mines Minister Ted Laking called the sale "the ideal outcome" for taxpayers and the environment, saying it removes the territory from responsibility for remediation costs that would otherwise amount to about $72 million per year, plus substantial closure costs. "These significant costs would make the government of Yukon's current fiscal situation even more challenging, potentially resulting in cutbacks to other public services," Laking said, according to CBC News.

Boroo Chief Executive Officer Dulguun Erdenebaatar said the company's technical and environmental teams have spent the past year conducting due diligence at the site. "We recognize that sustainable operations are impossible without genuine partnership," he said in the release, adding that Boroo looks forward to working with the First Nation of Na-Cho Nyäk Dun, the Government of Yukon and local communities to "rebuild trust, restore environmental integrity, and return the Eagle Gold Mine to safe, responsible, and profitable production." The mine sits on the traditional territory of the First Nation of Na-Cho Nyäk Dun.

Permitting is expected to take around four years, Grant said. No clear timeline for a return to production has been set.

The transaction remains subject to approval by the Ontario Superior Court of Justice. The receiver intends to seek court approval in early December 2026, with a targeted closing date of on or about Dec. 31, 2026. PwC said the details of the sale agreement and a timeline for restarting operations will be made public "in the coming weeks."