Victoria Gold has had a failure at a heap leach pad Victoria Gold's shares sank Tuesday after the miner suspended operations in northern Canada following a failure at a heap leach pad.
In midday trading, the shares were 85% lower at C$1.12, taking them to a drop of 84% so far this year. The stock earlier in the session touched a 52-week low of C$1.
Victoria Gold after markets closed Monday said management and the site operations team at its Eagle gold mine in Yukon were gathering information after the failure of the leach pad, a pond where metals are extracted from ore. It said there has been some damage to infrastructure and some failure in containment, but no personnel were injured in the incident.
According to Victoria Gold's website, the Eagle mine employees about 500 people, plus contractors and consultants. It first poured gold in 2019 and the company had estimated production in 2024 would be between 165,000 and 185,000 ounces.