Post by
KenoHillYT on Oct 19, 2024 1:56pm
YTG - Who going to pay for this "loss of containment"
YTG needs to do everything for shareholders, but not about any particular mine.
Forget VG for a moment.
BTW, as I have said many times before investing in any mining especially in the YUKON is gambling, that’s the reality. I was told some investors personally lost over 50k on this particular mine.
It would have been a safe gamble but for some piece of key infrastructure failing. Need to go after all the designers, engineers, suppliers and inspectors on that one.
The Yukon was created in 1898 and entered confederation because of the Klondike and it was because of taxes on everything related to mining and even taxes on booze to the crown. Not much has changed in the last 100++ years. It's still about the gambling (mining) and the taxes. It’s obvious that things need to change.
Shareholder gamblers are what injects vast amount of capital into the Yukon, lose their confidence that a gambler has zero chance of winning they’ll leave. It’s what gamblers do. ;)
If YTG keeps up the crying to judges in Ontario and says look at the nasty mine, it had a loss of containment (the fact that YTG approved, allowed and inspected it many times does not count), now VG must be punished for the loss of fish (that was the hammer). They won't listen to us. "SNIFF" We delivered impossible edicts in a matter of weeks that they couldn’t perform.
After over 15 years promises and then abysmal failure of Alexco (OK it was a blue sky lifestyle company :)) and shareholders getting cents on the dollar. YTG got lucky when Hecla stepped in! And now with VG shareholders getting a major loss handed to them it’s probable that future money is going to say screw this investing in the Yukon.
Venture capital may just dry up if the perception is that YTG can just hammer a mine into receivership if they are being ignored.
It appears YTG is claiming we are doing it for the justice of it all and saying the mine could be opened again. Really? I'd like YTG to publish the thought process that went into this statement in a few weeks, fair is fair.
YTG through the heavy handed application of receivership force has hurt a lot more than just shareholders as there are a lot of unsecured creditors that are going to feel the impact and a good amount of those businesses were First Nations.
Want to see the remediation finances sky rocket to the reality of winter working on a broken frozen heap leach mine, just do it, the taxpayers will wonder where the money went. Right now the receiver has roughly 50m and 12m from “the sweep”, a lot of which is going to expended by the time you read this. If the heap gets frozen there is no way to “clear it” unless it’s drilled n dynamited and then placed in a yet to be determined place. If YTG thought what they undertook to date is expensive then they “ain’t seen nothin yet” working through a winter working in the hills north of Haldane. ;)
Better to let it freeze, monitor the bore holes through the winter and look at it fresh during thaw. It isn’t going anywhere and even if it is in groundwater. “there’s always another season”
In the meantime let’s see some comments on that “independent” report that taxpayers are paying for.