Canada rejected a plan by China’s Shandong Gold Mining Co. to acquire TMAC Resources Inc., which runs a mine in the country’s Arctic region, on security grounds.
Toronto-based TMAC owns the Hope Bay gold mine in the northern territory of Nunavut, an operation that includes a port and air strips. Shandong, an acquisitive state-backed metal producer, agreed to buy the company for about $150 million in May, but in October TMAC said it had received notice that the Canadian government had ordered a national security review.
