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Update. Hmm.
$Iamgold (IAG.US)$ Market Chatter: Agnico, New Gold, Iamgold Seen As Possible Buyers For Shuttered Eagle Gold Mine
MT Newswires· 2 mins ago
Victoria Gold Corp (VGCX.CA)takeholders are hoping for a restart of the contaminated Eagle gold mine, but experts say finding a buyer isn't guaranteed, and creditors are likely to take a major haircut regardless of the outcome, The Globe and Mail newspaper is reporting.
It noted Toronto-based Victoria Gold Corp. (VGCX.TO) was placed in receivership last week, its management ejected and its shareholders wiped out after an Ontario judge ruled it wasn't moving with enough urgency and lacked sufficient funding to remediate a major cyanide spill in central Yukon.
The report cited Kerry Smith, mining analyst with Haywood Securities Inc., as saying that Agnico Eagle Mines Ltd. (AEM.TO) is a possible acquirer of Eagle, and given that it is a large, diversified miner with expertise in running big sites in northern Canada, it's a buyer that would likely be welcomed by the Yukon government.
Smith said that Eagle may be more attractive to mid-tier producers, such as New Gold Inc. (NGD.TO) and Iamgold Corp. (IMG.TO), both of which have far fewer mines than Agnico and significantly lower production.
MT Newswires· 2 mins ago
Victoria Gold Corp (VGCX.CA)takeholders are hoping for a restart of the contaminated Eagle gold mine, but experts say finding a buyer isn't guaranteed, and creditors are likely to take a major haircut regardless of the outcome, The Globe and Mail newspaper is reporting.
It noted Toronto-based Victoria Gold Corp. (VGCX.TO) was placed in receivership last week, its management ejected and its shareholders wiped out after an Ontario judge ruled it wasn't moving with enough urgency and lacked sufficient funding to remediate a major cyanide spill in central Yukon.
The report cited Kerry Smith, mining analyst with Haywood Securities Inc., as saying that Agnico Eagle Mines Ltd. (AEM.TO) is a possible acquirer of Eagle, and given that it is a large, diversified miner with expertise in running big sites in northern Canada, it's a buyer that would likely be welcomed by the Yukon government.
Smith said that Eagle may be more attractive to mid-tier producers, such as New Gold Inc. (NGD.TO) and Iamgold Corp. (IMG.TO), both of which have far fewer mines than Agnico and significantly lower production.
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