Tag: Arctic

Canada was ‘wrong’ to reject $230M Arctic mine takeover by Chinese enterprise, China’s embassy suggests

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Some observers, which includes former director of the Canadian Safety Intelligence Company Richard Fadden, had urged Ottawa to assessment the TMAC transaction supplied Beijing’s growing fascination in strategic minerals.

Protection gurus have extensive warned versus the hazards of overseas takeovers by Chinese point out-owned businesses, who on occasion have been questioned to advance the interests of the Communist Celebration of China. Those concerns have been elevated underneath the management of Chinese President Xi Jinping, who has aggressively sought to widen the country’s geopolitical passions by means of the acquisition of foreign strategic property.

As for the Nunavut mine, the rejected takeover now leaves the organization with major issues more than who else could possibly move up to acquire the asset.

In an job interview with the Monetary Submit this week, TMAC chief executive of TMAC Jason Neal said the rejection at least underscores the substantial standing

Canada Rejects Chinese Takeover Of Arctic Gold Mine On National Safety Grounds

Oat_Phawat through Getty Visuals


Shandong Gold, owned in component by the province of Shandong and one particular of China’s largest gold miners, explained Tuesday it had gained see of a conclusion created by Canadian authorities on Dec. 18 that it must not continue with the offer. It included that the sale was blocked on national safety grounds.

Gold producer TMAC mentioned late Monday it been informed of such an buy under the Investment decision Canada Act.

TMAC shares fell as a lot as 16.2 for every cent Tuesday just before recovering to some degree as buyers worried about its capability to repay financial debt.

The miner said on Nov. 5 it had about $99 million in hard cash on hand, small of the $169.7 million of personal debt owing in June.

“Given Canada’s sensitivities with the significant North and a lot more the latest tensions involving Canada and China,

Canada rejects bid by China’s Shandong for Arctic gold mine on security grounds

By Tom Daly and Jeff Lewis

a close up of a rock: FILE PHOTO: Gold nuggets are displayed at the PDAC annual conference in Toronto

FILE Picture: Gold nuggets are shown at the PDAC annual convention in Toronto

(Reuters) -Canada rejected Shandong Gold Mining’s bid for indebted TMAC Assets, the providers claimed, amid issues about a Chinese point out-owned entity functioning in the country’s sensitive Arctic area.

Canada and Australia have elevated scrutiny on offers by condition-operate Chinese miners this 12 months amid economic dislocation induced by the coronavirus pandemic.

Ottawa’s decision could additional strain Canadian-Chinese relations, already destroyed by Canada’s December 2018 arrest of Huawei Technologies Co Ltd Main Economical Officer Meng Wanzhou at the request of the United States.

“There were fears about a Chinese condition-owned business using over a mine in the considerably north and it was eventually turned down,” an Ottawa resource familiar with the matter reported on Tuesday. The supply declined to say what those people worries had been.

Shandong Gold,

Canada blocks Chinese takeover of Arctic gold mine citing nationwide safety

Canada’s government has blocked a Chinese organization from acquiring a Toronto-based agency that runs a gold mine in the Arctic due to nationwide safety causes, the organization explained Tuesday.

a close up of a flag: Canada blocks Chinese takeover of Arctic gold mine citing national security

© Getty Photos
Canada blocks Chinese takeover of Arctic gold mine citing countrywide protection

A assertion from Shandong Gold Mining Co., which is owned by the Chinese federal government, claimed that a evaluation expected by law underneath Canada’s Expense Canada Act experienced resulted in a conclusion denying the acquisition of TMAC Resources Inc. “for the objective of safeguarding countrywide protection.” Bloomberg claimed that TMAC owns the Hope Bay gold mine in Nunavut, a property that would have been portion of a $150 million buy by Shandong.


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No other data about the reasoning for the rejection of Shandong’s software was straight away supplied, even so, equally the U.S. and Canada have publicly recognized the Arctic as a doable region of

Canada blocks Chinese Arctic gold mine takeover, citing countrywide security

Canadian officials have turned down Shandong Gold Mining’s bid to receive Canada’s TMAC Means, the organizations said, with the Chinese miner introducing that the sale was blocked on nationwide stability grounds.

As the coronavirus pandemic has caused economic dislocation, countries from Australia to Canada have amplified scrutiny on specials by condition-operate Chinese miners this yr.

Read through Additional: Pitfalls from Chinese takeovers imply Canada requires tougher investment rules: experts

In a filing to the Shanghai Inventory Exchange on Tuesday, Shandong Gold, 1 of China’s major gold miners, mentioned it experienced gained detect of a selection by Canadian authorities on Dec. 18 that it should not progress with the offer.

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In its individual filing late on Monday, TMAC also claimed it been educated of this kind of an get less than the Investment Canada Act.


Canada rejects Shandong Gold’s bid to purchase Arctic gold mine

Chinese miner planned to purchase TMAC Sources for C$230 mln

Canada had been conducting countrywide stability evaluate of the offer

Adds TMAC statement, background

Dec 22 (Reuters)The Canadian govt has turned down Shandong Gold Mining’s bid to get Canada’s TMAC Resources TMR.TO, the companies mentioned, with the Chinese miner introducing that the sale was blocked on countrywide safety grounds.

As the COVID-19 pandemic has prompted financial dislocation, nations around the world from Australia to Canada have enhanced scrutiny on deals by point out-operate Chinese miners this calendar year.

In a filing to the Shanghai Stock Exchange on Tuesday, Shandong Gold 600547.SS, 1787.HK, just one of China’s biggest gold miners, reported it experienced been given notice of a choice by Canadian authorities on Dec. 18 that it need to not continue with the offer.

In its individual filing late on Monday, TMAC also explained it