TMAC Resources plunges after Canada rejects Arctic gold deal
Trudeau government blocks plan to buy TMAC by China’s state-backed producer Shandong Gold Mining after national security review
23 December 2020 - 09:11
Canadian Prime Minister Justin Trudeau’s government has rejected a plan by China’s Shandong Gold Mining to acquire a gold miner that operates in the Canadian Arctic, potentially inflaming a diplomatic feud.
TMAC Resources owns the Hope Bay gold mine in the Northern Territory of Nunavut, an operation that includes a port and air strips. Shandong, an acquisitive state-backed metal producer, agreed to buy the Toronto-based company for about $150m in May. In October, TMAC received notice the government had ordered a national security review...
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