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Western Nunavut gold producer TMAC may put itself up for sale – Nunatsiaq News

23 January 2020

Firm needs new investment to finance expansion

TMAC Resources Inc., which controls the big Hope Bay goldfield in western Nunavut, has launched a process that could see the company put itself up for sale, TMAC said in a news release issued on Jan. 20.

Through what it calls a “strategic review process,” TMAC says it will explore a broad range of options, including a sale, a merger, a joint venture or alternative forms of long-term financing.

The purpose of that work is to “generate the financial strength which will allow Hope Bay to achieve its potential,” the company said, saying it’s seeking more ways to generate the capital it needs to expand.

To do that, it has engaged two Canadian investment bankers, CIBC Capital Markets and BMO Capital Markets, as financial advisors.

TMAC’s Hope Bay goldfield, which is roughly 80 kilometres long and 20 kilometres wide, is located on the mainland about 65 kilometres east of Bathurst Inlet, 150 kilometres southwest of Cambridge Bay and 700 kilometres northeast of Yellowknife.

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