Trudeau Shuts Out China Again by Rejecting Arctic Gold Deal
- Shandong says takeover nixed to safeguard ‘national security’
- Move could further strain Canada’s relations with Beijing
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Prime Minister Justin Trudeau’s government rejected a plan by China’s Shandong Gold Mining Co. to acquire a gold miner that operates in the Canadian Arctic, potentially inflaming a diplomatic feud.
TMAC Resources Inc. 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 Toronto-based company for about $150 million in May. In October, TMAC received notice the government had ordered a national security review.