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Bloomberg
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.
Officials in Trudeau’s office declined to comment on the move, which comes amid badly frayed ties between Canada and China over the 2018 arrest of a top Huawei Technologies executive on a US extradition request.
The Chinese embassy in
Ottawa sees any politicisation of economic co-operation as wrong, a spokesperson said.