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Feds order national security review of TMAC-SD Gold sale – Nunatsiaq News

“TMAC and Shandong remain committed to working with the Investment Review Division to obtain approval of the transaction”

15 October 2020

The federal cabinet has ordered a national security review of the proposed sale of TMAC Resources Inc., which owns the Hope Bay gold mine in western Nunavut, to the Chinese state-owned Shandong Mining Co. Ltd., TMAC said today.

“TMAC and Shandong remain committed to working with the Investment Review Division to obtain approval of the Transaction,” TMAC said in a release issued Thursday, Oct. 15.

Under the Investment Canada Act, the government continues to look at whether the deal with Shandong (SD Gold) is likely to increase employment in Canada, as well as its economic and other impacts.

Read More: https://nunatsiaq.com/stories/article/with-covid-19-outbreak-contained-western-nunavut-gold-mine-sees-itself-operating-at-reduced-levels-for-the-foreseeable-future/

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