Mining’s old guard needs strong medicine
A new report details subpar investor returns in the mining industry over the last decade, particularly big cap diversified companies which have not adapted to new realities.
The government of a Canadian territory is seeking to place Victoria Gold Corp. into receivership after a major landslide and cyanide spill at the company’s flagship bullion mine earlier this summer.
Victoria Gold was served with an application by the Yukon government late Tuesday seeking the appointment of a receiver over the company and its property, the miner said Wednesday. Victoria Gold said it intends to oppose the application.
The Vancouver-based company suspended operations at Eagle Mine in July following a failure at its heap leach facility, where mined ore is stacked into piles and sprinkled with cyanide-laced water.
Yukon and company officials have raced to mitigate the environmental damage from the disaster. Earlier this month, Canada’s federal government ordered Victoria Gold to construct barriers to protect fish in the nearby waterways from cyanide discharge.
(By Jacob Lorinc)
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