CIBC downgraded Victoria Gold to Underperformer from Neutral with a price target of $4, down from $10, after the company announced the heap leach pad at its Eagle Gold Mine in Yukon experienced a failure. The operation has been temporarily suspended as the situation is being assessed, the analyst tells investors in a research note. The firm cites the uncertainty around the length of the suspension at Eagle, the status of operation, and implications from a regulatory perspective for the downgrade.
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