Posted: Wednesday, December 23, 2020 10:20
The sale of a gold mine in Canada’s Arctic to a Chinese firm has been blocked by the federal government.
The $230 million deal was to sell all TMAC Resources shares and its Hope Bay gold mining project to Shandong Gold Mining Co. Ltd. It has now been blocked after a lengthy national security review under the terms of the Investment Canada Act. Shandong is a Chinese state-owned company.
A spokesperson for Innovation, Science and Economic Development Canada, the department which oversees investment, would not offer comment on the reasons for the rejection of the deal citing confidentiality provisions of the Investment Act.
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December 20, 2020 Trudeau responds to a question about China during a news conference outside Rideau Cottage in Ottawa on June 25, 2020 (CP/Adrian Wyld)
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