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Yukon Energy and Victoria Gold Sign Power Purchase Agreement for Eagle Mine Near Mayo

Thursday, 16 November 2017 08:19

The deal could generate $100M in revenues for Yukon Energy over 10 years of mining operation

Yukon Energy and Victoria Gold have signed have signed a power-purchase agreement for the Eagle Gold Mine near Mayo.

The deal, subject to approval from the Utilities Board would connect the mine to the power grid.

Yukon Energy says power sales from the mine would contribute $100 million or more in revenue over the 10-year life span of the mine and would decrease electrical rates one-to-two percent for consumers.

Victoria Gold is expected to cover the full costs of connecting to the grid and pay for most of a new substation.

Yukon Energy says the mine would connect to the Stewart to Ken transmission line, for the first two years of operation, but the corporation says the existing line is at the end of its life and will need to be replaced.

The Eagle mine is expected to go into production by mid-2019.

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