Tag: gold

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

by  on  in foreign business

The Canadian governing administration has turned down Shandong Gold Mining’s bid to obtain Canada’s financial debt-saddled TMAC Means, the corporations said, with the Chinese miner including that the sale was blocked on nationwide stability grounds.

As the COVID-19 pandemic has induced economic dislocation, countries from Australia to Canada have enhanced scrutiny on bargains by point out-operate Chinese miners this calendar year.

In a filing to the Shanghai Stock Trade on Tuesday, Shandong Gold, 1 of China’s most important gold miners, mentioned it experienced gained see of a decision by Canadian authorities on Dec. 18 that it should really not commence with the offer.

In its have submitting late on Monday, TMAC also mentioned it been knowledgeable of this sort of an order underneath the Financial investment Canada Act.

Shandong Gold claimed in Might it would shell out C$230 million ($179 million) to receive TMAC, which operates the Doris mine in

…

Canagold Resources Summarizes 2020 Results and Outlines 2021 Plans to Advance the High Grade New Polaris Gold Mine Project, British Columbia

by  on  in foreign business

VANCOUVER, BC / ACCESSWIRE / January 14, 2021 / Canagold Resources Ltd. (TSX:CCM)(OTCQB:CRCUF)(FSE:CAN) highlights the results of its 2020 activities and outlines its 2021 plans to advance the high grade New Polaris gold mine project in BC and other gold exploration projects in the USA and Canada.

2020 Highlights: Corporate

  • Completed a name change to Canagold Resources Ltd. and a 5:1 share consolidation.

  • Strengthened the Board of Directors with the addition of Andrew Bowering.

  • Strengthened the Management Team with the addition of Troy Gill as Vice-President of Exploration.

  • Closed a private placement of common shares for gross proceeds of CAD $8.4 million.

New Polaris Project, British Columbia

  • Updated Preliminary Economic Assessment (PEA) for New Polaris at US$1500 gold price and $0.71 exchange rate which improved NPV to US$333 million and IRR to 56% after tax.

  • The undiscounted pre-tax, life-of-mine cash flow totals CAD$847 million with a 68% IRR and a
…

Canada blocks Chinese takeover of Arctic gold mine citing national security

by  on  in foreign business

Canada’s governing administration has blocked a Chinese business from attaining a Toronto-dependent firm that operates a gold mine in the Arctic because of to nationwide protection explanations, the enterprise reported Tuesday.

A assertion from Shandong Gold Mining Co., which is owned by the Chinese federal government, claimed that a evaluate demanded by legislation below Canada’s Financial commitment Canada Act experienced resulted in a final decision denying the acquisition of TMAC Resources Inc. “for the purpose of safeguarding countrywide protection.” Bloomberg noted that TMAC owns the Hope Bay gold mine in Nunavut, a residence that would have been component of a $150 million acquire by Shandong.

No other data about the reasoning for the rejection of Shandong’s application was immediately supplied, having said that, each the U.S. and Canada have publicly discovered the Arctic as a feasible region of rivalry with China and Russia owing to the region’s organic resources.

Security

…

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

by  on  in foreign business

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  on  in foreign business

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

© Reuters/CHRIS HELGREN
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

by  on  in foreign business

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.

Loading...

Load Error

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

by  on  in foreign business

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.

[ Sign up for our Health IQ newsletter for the latest coronavirus updates ]

&#13

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.

Story

…

Shandong Gold claims Canada has rejected TMAC acquisition | Reuters | Company

by  on  in foreign business

(Reuters) -The Canadian govt has turned down Shandong Gold Mining’s bid to acquire Canada’s TMAC Assets, the businesses stated, with the Chinese miner introducing that the sale was blocked on nationwide safety grounds.

As the COVID-19 pandemic has caused economic dislocation, nations from Australia to Canada have amplified scrutiny on deals by point out-operate Chinese miners this year.

In a submitting to the Shanghai Stock Exchange on Tuesday, Shandong Gold, a person of China’s most significant gold miners, stated it had acquired observe of a determination by Canadian authorities on Dec. 18 that it must not proceed with the offer.

In its own filing late on Monday, TMAC also explained it been knowledgeable of this sort of an purchase beneath the Expense Canada Act.

Shandong Gold reported in May perhaps it would spend C$230 million ($179 million) to purchase TMAC, which operates the Hope Bay mine in the northern and

…

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

by  on  in foreign business

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

…