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Canada blocks Chinese takeover of Arctic gold mine citing national security

© Getty Images Canada s government has blocked a Chinese company from acquiring a Toronto-based firm that runs a gold mine in the Arctic due to national security reasons, the company said Tuesday. A statement from Shandong Gold Mining Co., which is owned by the Chinese government, said that a review required by law under Canada s Investment Canada Act had resulted in a decision denying the acquisition of TMAC Resources Inc. for the purpose of safeguarding national security. Bloomberg reported that TMAC owns the Hope Bay gold mine in Nunavut, a property that would have been part of a $150 million purchase by Shandong.

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