Loading prices...

Register/Sign in
ScrapMonster
Are ads getting in your way? Register for Ad-free pages and live data.
Get an instant offer on your damaged car
Mining News December 23, 2020 04:30:52 PM

Canadian Gold Mine Buyout Plan Hit Roadblock

Paul Ploumis
ScrapMonster Author
Earlier in October this year, TMAC Resources had received notice, intimating them of a national security review on the deal by the Canadian government.
Canadian Gold Mine Buyout Plan Hit Roadblock

SEATTLE (Scrap Monster): The Canadian government has stopped the potential sale of a gold mine in the country to a Chinese company. The government authorities rejected Shandong Gold Mining’s acquisition bid to take over the assets of TMAC Resources, including the Hope Bay Mine in Nunavut.

Earlier in October this year, TMAC Resources had received notice, intimating them of a national security review on the deal by the Canadian government. The recent order dated 18th December, 2020, issued by the Governor in Council, under the Investment Canada Act, directs Shandong Gold Mining Company to withdraw from its plan to takeover TMAC Resources.

ALSO READ:

Lundin Mining's Chapada Mine Returns to Full Production

Equinox Gold Announces New Purchase Agreement to Acquire Premier Gold Mines

TMAC Resources issued a news release saying that the sale transaction with Shandong will not proceed and that the two companies are engaged in discussions regarding termination of the transaction. It must be noted that Shandong had agreed to purchase TMAC Resources for a sum of nearly $150 million in May this year. Also, 97% of the TMAC shareholders had voted in favour of the bid.

Jason Neal, president and chief executive officer of TMAC stated that the company is disappointed with the outcome. However, they are pleased with the significant operation improvements at Hope Bay.

Are ads getting in your way? Register for Ad-free pages and live data.

How to Recycle

Proper Disposal of Alkaline Batteries

Proper Disposal of Alkaline Batteries

Improper disposal of alkaline batteries can result in various negative consequences. Explore our blog post to discover safe disposal methods.
Christmas Tree Recycling - Responsible Ways

Christmas Tree Recycling - Responsible Ways

Proper preparation and using a reliable Christmas tree recycling directory ensures responsible disposal and maximizes the benefits.
Stop Throwing Away LED Light Bulbs -- Do This Instead

Stop Throwing Away LED Light Bulbs -- Do This Instead

Stop throwing away LED light bulbs and dispose of them responsibly. Proper disposal ensures environmental safety and sustainability.
powered by RecyclingMonster
Are ads getting in your way? Register for Ad-free pages and live data.
×

Quick Search

Advanced Search