Recently, the Chinese state-owned company Shandong Gold wanted to acquire a gold mine in the Arctic Circle of Canadian mining company TMAC Resources for US$150 million (about NTD 4.26 billion). However, the Canadian government has rejected the proposal on the 21st.
According to media reports, Shandong Gold plans to buy TMAC Resources’ gold mine 120 miles north of the Arctic Circle, which is strategically valuable to Canada because of its proximity to the Northwest Passage.
According to the report, Shandong Gold originally planned to complete the deal by February 2021, but in November this year, the Canadian government extended the deadline for the deal by 1.5 months on the grounds of national security review.
In the latest development of the case, TMAC Resources issued a statement saying that the Canadian government had rejected the proposed acquisition on the 21st, and that the company and Shandong Gold are currently in discussions to terminate the deal.
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