Boroo eyes purchase of Eagle gold mine in Yukon

Boroo, a private investment holding company, has signed a 90-day exclusivity agreement with PwC to negotiate the purchase of the former Eagle gold mine in Yukon, closed after a June 24, 2024 landslide. PwC had previously valued Eagle’s assets at C$824.7 million and was authorized to spend C$220 million on cleanup after the incident that released substantial ore and about 280,000 m3 of cyanide-containing solution. Boroo will conduct due diligence and consult with the Yukon government and the Na-Cho Nyäk Dun First Nation before any restart. Known for turning around distressed mines (e.g., Lagunas Norte), Boroo’s potential acquisition could eventually restore local production, but near-term market impact on the gold price or global supply is likely limited and contingent on remediation, approvals and capex.