Tag: Shandong

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

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

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


© 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,

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

(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

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