(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