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Yukon judge grants stay to mining company over higher security payment

Yukon judge grants stay to mining company over higher security payment

A Yukon Supreme Court judge has paused part of a security payment contested by the territory's largest mine, ruling the company's bottom line would be adversely impacted. In June, the Yukon Water Board ordered Victoria Gold — the company behind the Eagle Gold Mine near Mayo — to furnish a total of $105 million by mid-September, arguing security needed to be increased because the company breached its water licence. That amount is roughly $74 million more than what Victoria Gold had already put forward, an estimated $31 million. It's also higher than a Yukon government security calculation of roughly $69 million.