Latest news with #EagleGold
CBC
02-04-2025
- Business
- CBC
MLAs to debate Yukon Party motion to summon Victoria Gold receiver
Social Sharing MLAs appear ready to summon representatives of the Victoria Gold receiver to answer questions at the Yukon's Legislative Assembly, just as an Ontario court approved the company's request to increase its borrowing limit. On Tuesday, the Ontario Superior Court of Justice heard a request from PricewaterhouseCoopers to raise its borrowing limit to $220 million. The receiver needs the court to authorize how much money it can borrow to do its work remediating the Eagle Gold mine site after a disastrous heap leach failure last year. John Streicker, the Yukon's minister of energy, mines and resources, confirmed during question period that afternoon that the court had granted the request. The court decision came just ahead of opposition Wednesday in the Yukon Legislature, when private members' business can be debated. The Yukon Party will call a motion by its mining critic Scott Kent. If passed, the motion would have two PricewaterhouseCoopers (PwC) executives — senior vice presidents Michelle Grant and Graham Page — appear as witnesses before committee of the whole on April 29. Grant and Page would be called to answer questions regarding the receivership, operations and management of the Eagle Gold mine, according to the motion. "There's a number of questions. Obviously, one of the concerns that we have is the budget [for the cleanup] — which had early estimates of $150 million — is now at $220 million," Kent said. Kent also wants to question PwC about water treatment at the site, a leak from a containment pond and the viability of selling the site. "We're concerned about what their [PwC's] exit plan is, when they feel that their work will be done and they'll be able to either sell the assets or turn it over to the government," he said. NDP and Liberal support It already appears the motion has enough votes to pass. The Yukon NDP said in an email that it will vote with the Yukon Party, because it wants PwC to answer MLAs' questions publicly. Speaking to reporters, Streicker indicated that he will back the motion as well, saying he had his own questions for the court-appointed receiver. "I hope that just as I will support them in their motion to bring in the witnesses, I hope they will support us to pose questions," Streicker said. The Yukon government has been giving the receiver advances to cover the cost of its work and, now that PwC's request has been approved, it's expected to do so again. That has led the Official Opposition to call for scrutiny into how the money is spent. "I think there needs to be some accountability from them [PwC] for the work they're doing up there and the money they're spending," Kent said. "Whether it's a combination of Yukon government at the political level, at the officials' level, providing oversight to these expenditures and questioning them so that we can ensure Yukoners are getting value for money." Streicker said PwC is already subject to oversight by various parties, including the government, the First Nation of Na-Cho Nyak Dun, and the courts. He also pointed to the numerous reports the receiver has published online. The minister also noted a schism between how the Liberals and Yukon Party view the receivership. The Yukon Party has said that the best outcome for taxpayers and businesses would have been to allow Victoria Gold to retain control of the mine, to pay for the environmental cleanup and to return the mine to production. Meanwhile, the Liberals say Victoria Gold was not following its directions on mitigation and when its ability to fund the cleanup was in question, they asked the courts to intervene. "I disagree with them that the receiver is not accountable. I disagree that this is an inappropriate spending of funds. I think that this is protecting the environment and protecting people," Streicker said.
CBC
03-03-2025
- Business
- CBC
Despite record-high gold prices, mining exploration in Canada's North declines
For years, gold has been the focus of Canadian mining exploration spending: the financing that backs efforts to find, assess, and potentially develop mineral deposits into mines. These efforts have established Canada as a top gold producer worldwide. And over the course of 2024, the price of gold shot up by 38 per cent, reaching historic heights. But a B.C. report says skyrocketing value didn't necessarily lead to more investment last year – it found overall exploration spending in the province was down 14 per cent from 2023, and exploration spending targeting gold dropped by 24 per cent. "There are a number of factors that play into the level of exploration spend beyond commodity price," said Iain Thompson, a partner with EY Canada, the consulting firm behind the report. He pointed to a number of projects in B.C. that are further along the development life cycle and global decline in exploration spending. Updated data from Natural Resources Canada released Friday shows a varied picture on the impact of gold's meteoric rise. Preliminary data shows gold prices appear to have had mixed, if any, impacts on territorial industry. While several provinces reported exploration spending increases — including Saskatchewan and Newfoundland and Labrador, which have consistently posted increases — the Yukon, Northwest Territories and Nunavut, along with B.C., all experienced spending declines between 2023 and 2024. Calls to 'streamline' regulation Despite its gold deposits and its status as one of Canada's top producers, exploration spending in the Yukon dropped by an estimated 9 per cent last year, which the Yukon Geological Survey attributed to ripple effects from the Eagle Gold mine failure. "It all comes down to certainty, and there's a lack of certainty in the Yukon," said Jonas Smith with the Yukon Chamber of Mines. "We've seen several legal challenges of projects that have followed the process, but still ended up in court for a variety of reasons." "Investors are looking for a streamlined regulatory process," said Karen Costello with the N.W.T. and Nunavut Chamber of Mines. "Simplicity, predictability. A lot of them are not seeing that in N.W.T." "The same thing is happening in the Yukon and British Columbia. Their policy intentions have fallen flat and really are not attracting investment despite having great geology." While the report acknowledged fluctuations in spending can come down to complex economic factors and "different styles of mineralization," it did attribute some of the decline to regulations. It cited "difficult" policy conditions in B.C. surrounding land access, environmental regulations, and permitting delays. Smith and Costello said the same conditions have created challenges in their regions. Thompson said ease of doing business is a common sense consideration. "I think holistically, what governments know as well as investors and mining companies know, is that in order to develop resources, it needs to be economically attractive and economically viable," said Thompson. "And that requires the right environment." The Yukon, B.C. and the N.W.T. are all in the process of updating their mining legislation. The Yukon's mining laws haven't been changed since the Gold Rush, and have been criticized for failing to consider First Nations sovereignty. In B.C., new rules rolling out March 26 will require prospectors to consult with First Nations in order to stake a mineral claim. The Association for Mineral Exploration, one of the report's co-authors, has voiced strong opposition to the proposed changes. "If they don't listen to industry, if they don't get regulations right, we're not going to see investment," said Costello.
CBC
26-01-2025
- Business
- CBC
Meaningful partnerships needed in mining, Yukon First Nations leaders say at 2025 AME Roundup
The annual AME Roundup mining and exploration conference in Vancouver attracts companies, investors, governments and vendors from across western Canada, Alaska and beyond, including hundreds of people from the Yukon. CBC News spoke with some of the Yukon First Nation leaders who were in attendance this year about why they were at the conference and the conversations, topics and issues at the top of their minds. First Nation of Na-Cho Nyäk Dun and Tr'ondëk Hwechin In a joint interview, First Nation of Na-Cho Nyäk Dun (FNNND) Chief Dawna Hope and Tr'ondëk Hwechin Hähkè Darren Taylor emphasized that mining and exploration need to be done better, and in true partnership with local First Nations. "We ultimately know that we need mining — we have cars, computers," Hope said. "However, we should respect those resources for their value and not just for a few to make millions upon millions and then walk away, leaving taxpayers with the cleanup bill and a toxic legacy for me to pass on to my generations." Taylor urged the Yukon and federal governments to get on with land use plans and the new minerals legislation, which, when in place, would establish clear standards and rules for everyone to follow. "That creates the certainty, it touches on reconciliation, it provides a comfort level to industry," he said. "I mean, let's be honest, shareholders and investors are getting impatient, so let's get this work done or they're just going to go to other jurisdictions." Taylor added that First Nations aren't just "stakeholders," but governments that deserve the same level of deference and respect as others, and a meaningful say in what happens to their land and people. Hope, during the conference, gave a presentation on the mining policy her First Nation adopted last year — coincidentally, on the same day as the Eagle Gold heap leach failure. Among other things, the policy states that companies interested in doing work on FNNND traditional territory must submit an application to the First Nation for assessment. It also states the First Nation will only consider a project if the proponent provides written agreement that work will only proceed if the First Nations consents to it. "We don't want to stop mining," Hope said. "For the First Nation of Na-Cho Nyäk Dun, we just want to strive for healthy, inclusive communities and we know we can get there with partnerships while upholding our final agreements in the spirit and intent that they were approved and signed for Yukoners on a whole." Both Hope and Taylor said their meetings with industry at Roundup had been positive. Ross River Dena Council Representatives from the Ross River Dena Council (RRDC) were at Roundup to meet with and educate companies about its Tu-Lidlini Assessment Process (TAP). Similar to FNNND's policy, TAP requires companies interested in working in RRDC's traditional territory to submit project applications directly to the First Nation. The First Nation will then evaluate the project's potential impacts on things like the land, culture and wildlife and, with guidance from elders and the community, allow the project to proceed or reject it. RRDC councillor Roberta Dick said other assessment approaches don't always adequately address Kaska concerns or truly take into account community consent, while TAP does. "It's basically designed to fill in the gaps," Dick said, adding that companies have been "mindful and respectful" and filling in applications. The First Nations' assessments are not officially required under the Yukon government's own project assessment and approval framework. Teslin Tlingit Council Teslin Tlingit Council (TTC) Chief Eric Morris, meanwhile, said he was trying to raise the profile of his First Nation in British Columbia. While TTC is headquartered in the Yukon, its traditional territory extends into the northern part of the province — an area that Morris said had attracted growing interest in its mineral potential. While that presents opportunity, Morris said the First Nation would like to be involved in conversations about any staking or development happening in the area. "It would be nice for [people] to come into our office, let us know who they are, what their intentions are, you know, share with us a bit of their history of where they're coming from, some of their experiences working with other First Nations," he said.
