GREY:VITFF - Post by User
Post by KenoHillYTon Nov 01, 2024 8:32pm

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Post# 36293267
Who's riding the bull on this rodeo? lol
Who's riding the bull on this rodeo? lolFirst of all I'm not running this rodeo regards the YTG/FN/VG agreements in regards mines and mining. We'll see what come out of the fall legislature as VG and the consequent fallout will certainly be a talking point.
My discussion points are not to get the current VG shareholders made whole.
I have made it clear what I think of junior mining in the YUkon and the point of it all, things need to change. Nothing is impossible, maybe they will, but it's not my focus.
Though I bet there are a lot sh's that really got burned and now are wondering about the "slap dab" proceedings. I'm not sure what will happen, but then no one does.
There are a lot of reporters that have reviewed the actions by YTG/FN and have published some great reports with questions as to what the hell happened, why it happened and the fallout on the economy. From what I've read none of these reports are pretty.
It is true that the C-suite and BoD will take the "legal blame" (they have insurance for this if required). So those that are geefully heaping blame, good luck. ;)
But and this is a big but currently it looks like it was a "failure" of the mine structurally and that's the key as to who is responsible.
In a lot of recent mine faulures nothing happens as the owners have quit and the BoD resigned and the receiver get's to sell all it can for best price and then hopefully get a remdiation contract.
That's not what happened here. What makes this case different is the appointment of a reciever after FN/YTG was dissatified within the first 30 +/- days of recovery by VG and just because they where not getting enough attention. <sniff>
During this period came the request to shut down all mining in the territory. What a great thought! Lets just do it. This is simply not possible for anyone who has read all the MOU's and the dozens of agreements, which were agreed upon. Such a request would also have shut down the last major mine operating and the dozens of explortion and placer mines who have nothing to do with this.
Why was the application for Creditor Protection ignored? Management is well regarded (judging by all the awards) and it's a good bet the C-Suite were out in the market looking for $100m to $150m to fix this "loss of containment". Imagine that.
YTG chose to use a boiler plate financial announcement as the basis for receivership and apppoint of a reciever and then state this was all done with no intention that the mine would be shut down. Really? If this is true then it will raise a lot more questions as to how they thought this was going to poceed.
The VG heap "loss of containment" will be costly for all and could just end up as another maintain and minitor. There have been posts on this incident here on blaming VG Eagle management. None of that has been proven and currently we're probably looking at spring before we see a hint of the investigation. And mangement is to be blamed then YTG/EMR and all the cunsultants have some blamed too to do as they were directing, instructing and approving.
So we'll see where this lands.