The federal government rejected the attempt to take over TMAC Resources, citing national security concerns. The acquisition would have valued TMAC at $207.4 million, about four times more than the latter’s market price in May. TMAC shareholders had voted in favour of the deal in June. (The Globe and Mail)
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The federal government rejected the attempt to take over TMAC Resources, citing national security concerns. The acquisition would have valued TMAC at $207.4 million, about four times more than the latter’s market price in May. TMAC shareholders had voted in favour of the deal in June. (The Globe and Mail)
Talking point: The proposed takeover ignited concerns over sovereignty in Canada’s Far North. It would have seen Shandong take control of TMAC’s Doris gold mine in Hope Bay, Nunavut, near a strategic shipping route that connects the Atlantic and Pacific oceans. Without the deal, TMAC’s fate is unclear. The company has debts coming due in June 2021 and doesn’t have the funds to pay them. Meanwhile, China itself is moving forward on strengthening national security reviews of foreign investments in the country related to military products, key agricultural developments, energy and natural resources, as well as certain infrastructure and internet technology.
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