Chinese company’s deal to buy Nunavut gold mine facing national security review

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Chinese company's deal to buy Nunavut gold mine facing national security review

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TMAC Sources Inc. says the federal cupboard has ordered a nationwide safety evaluate of the proposed sale of the Canadian gold miner to a Chinese language firm.

Shandong Gold Mining Co. Ltd. introduced a deal in Could to purchase TMAC, proprietor of the Hope Bay mining undertaking in Nunavut, for $230 million.

The pleasant deal has obtained Chinese language regulatory approvals and TMAC shareholders voted in favour of it in June.

The cupboard nationwide safety evaluate, below the Funding Canada Act, raises issues that the deal could not have the ability to shut by a Feb. 8, 2021, deadline to finish the sale.

TMAC says it expects the deal to shut within the first quarter of 2021 whether it is authorised.

But it surely famous Ottawa could not full the regulatory evaluate course of and supply approval by the deadline.
 

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