At 5:30 a.m. June 24 at Victoria Gold‘s (TSX:VGCX) Eagle Mine site in Yukon Territory, approximately 4 million tonnes of material crumbled down the hillside. Of that, two million tonnes of material breached containment due to the heap leach facility failure during the disaster.
The Government of Yukon has now stepped in and issued an application for receivership of the company and its assets to ensure proper measures are taken to “address human health and safety and environmental risks and impacts.” The Ontario Supreme Court of Justice approved the application and appointed PricewaterhouseCoopers to manage its property, assets, and undertakings on behalf of creditors.
As of Friday, August 16, shares of Victoria Gold have dropped more than 90 per cent since the disaster. The Canadian Investment Regulatory Organization has also halted trading of the company’s shares.
Check out the video above for a detailed timeline breakdown of what we know, to date..
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