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Ottawa to scrutinize Chinese acquisition of gold
miner as Huawei case reaches crucial stage

Original Article

Posted By: poster, 5/27/2020 10:52:19 PM

The federal government says it is reviewing a Chinese mining company’s proposed $207 million buyout of a struggling gold mining company in Nunavut under the Investment Canada Act, as a high-profile case against a Chinese executive in Canada reaches a crucial point. Shandong Gold Mining Co. Ltd., a Chinese state-owned enterprise that’s listed on the Shanghai Stock Exchange, announced earlier this month it would purchase Toronto-based TMAC Resources Inc., which operates a mine near Cambridge Bay that has been beset by operational challenges. Ottawa declined to provide any details (snip) but lawyers who practise in this area said the government can easily invoke national security concerns

Comments:

Knife cuts both ways. How many mines in China are foreign owned??

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Reply 1 - Posted by: DVC 5/27/2020 11:42:52 PM (No. 423973)
OP, my bet is NONE. Probably illegal. Even if not, beware. After the Soviet Union fell, the Russians invited in American and British oil companies to rebuild their collapsed, many decades out of date petroleum infrastructure. Of course, this was obviously going to cost billions, which the Russians didn't have. So they sold 49% interest in some of the petro companies to British Petroleum. When I was there, the oil fields were all up to date, new engineers and operators all trained up, so they didn't need the Brits any more. A half a dozen British Petroleum engineers were arrested "for spying" and then the Russians "discovered" massive tax fraud by BP.....and what a SHOCK, the amount of unpaid taxes to the Putin government were about 10% MORE than the value of 49% of the petroleum company. The Russians "graciously" offered to let BP "pay the fine" with their portion of the company, and take their "spies" home with them. Never do business with Communists. Ever.
14 people like this.

Reply 2 - Posted by: radrelic 5/28/2020 12:19:50 AM (No. 423998)
Got the mine not the miner but who knows what the deal is with China in the mix?
2 people like this.

Reply 3 - Posted by: GoodDeal 5/28/2020 12:27:00 AM (No. 424003)
They should sell it to Parker Schnabel.
3 people like this.

Reply 4 - Posted by: Trigger2 5/28/2020 1:45:50 AM (No. 424025)
We'll find out shortly just how greedy Canada is for corrupt Chinese money...
3 people like this.

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The federal government says it is reviewing a Chinese mining company’s proposed $207 million buyout of a struggling gold mining company in Nunavut under the Investment Canada Act, as a high-profile case against a Chinese executive in Canada reaches a crucial point. Shandong Gold Mining Co. Ltd., a Chinese state-owned enterprise that’s listed on the Shanghai Stock Exchange, announced earlier this month it would purchase Toronto-based TMAC Resources Inc., which operates a mine near Cambridge Bay that has been beset by operational challenges. Ottawa declined to provide any details (snip) but lawyers who practise in this area said the government can easily invoke national security concerns
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