Chinese language corporate’s deal to shop for Nunavut gold mine going through nationwide safety assessment


TMAC Sources Inc. says the federal cupboard has ordered a countrywide safety assessment of the proposed sale of the Canadian gold miner to a Chinese language corporate.

Shandong Gold Mining Co. Ltd. introduced a deal in Would possibly to shop for TMAC, proprietor of the Hope Bay mining mission in Nunavut, for $230 million.

The pleasant deal has won Chinese language regulatory approvals and TMAC shareholders voted in favour of it in June.

The cupboard nationwide safety assessment, beneath the Funding Canada Act, raises considerations that the deal won’t be capable of shut via a Feb. 8, 2021, time limit to finish the sale.

TMAC says it expects the deal to near within the first quarter of 2021 whether it is licensed.

However it famous Ottawa won’t whole the regulatory assessment procedure and supply approval via the time limit.

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