iPolitics By iPolitics. Published on Dec 22, 2020 5:44pm The Peace Tower at Christmas. Photo: David Carroll / WikiMedia Commons
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Good evening to you.
We’re just days away from Christmas, which means it’s pretty quiet on the Hill. But this year, we can always count on the coronavirus to keep the news cycle churning.
Posted: Wednesday, December 23, 2020 10:20
The sale of a gold mine in Canada’s Arctic to a Chinese firm has been blocked by the federal government.
The $230 million deal was to sell all TMAC Resources shares and its Hope Bay gold mining project to Shandong Gold Mining Co. Ltd. It has now been blocked after a lengthy national security review under the terms of the Investment Canada Act. Shandong is a Chinese state-owned company.
A spokesperson for Innovation, Science and Economic Development Canada, the department which oversees investment, would not offer comment on the reasons for the rejection of the deal citing confidentiality provisions of the Investment Act.
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.
Ottawa rejects sale of TMAC Resources to Chinese company Shandong Gold Mining
by The Canadian Press
Last Updated Dec 22, 2020 at 8:56 am EDT
OTTAWA TMAC Resources Inc. says Ottawa has turned down its deal to be bought by China’s Shandong Gold Mining Co. Ltd.
The Canadian miner says Ottawa made the decision following a review under the Investment Canada Act.
TMAC says the deal will now not go ahead and it is in talks with Shandong regarding termination of the transaction.
Shandong announced the deal in May to buy TMAC, owner of the Hope Bay gold mining project in Nunavut, for $230 million.
TMAC says feds have blocked takeover by China s Shandong Gold VIDEO SIGN OUT
The proposed takeover of TMAC Resources Inc. by Chinaâs Shandong Gold Mining Co. has been blocked by the federal government, according to a release from the Toronto-based miner.
âTMAC Resources Inc. has been informed that the Governor in Council has issued an order under the Investment Canada Act directing Shandong Gold Mining Co., Ltd. and its affiliate not to implement the plan of arrangement. As a result, the transaction between TMAC and Shandong will not proceed,â TMAC said in its release late Monday.
A spokesperson for Industry Minister Navdeep Bains was not immediately available for comment Tuesday.