Posted: Dec 22, 2020 7:54 AM CT | Last Updated: December 22, 2020
Shareholders of TMAC Resources Inc. and Shandong Gold Mining Co. Ltd. had already approved the $230-million takeover of the company that owns mines in Nunavut. The federal government rejected the proposal, according to TMAC Resources.(TMAC Resources)
A $230-million deal for a Chinese company to purchase a gold mine project in Nunavut is off.
TMAC Resources Inc. made the announcement in a news release posted to its website Monday.
The company says the federal government rejected the proposal to sell all TMAC Resources shares and its Hope Bay gold mining project to Shandong Gold Mining Co. Ltd. The deal was approved by 97 per cent of TMAC shareholders on June 26.