National interest concerns prompt Canada to block Chinese acquisition of mining company

(The Political Scientist) National security concerns have prompted Canada to block Chinese mining giant, Shandong Gold Mining Company’s attempt to acquire Canada’s TMAC Resources. The Shandong Gold Mining Company was prepared to acquire the Canadian company for the sum of $230 million. TMAC Resources mainly mines in Nunavut and operates the Hope Bay Mines.

In the midst of the coronavirus that has weakened the economy of many of the western nations, state-owned Chinese companies have stepped up their bid to purchase western companies some of which have seen a decrease in value due to the economic fallout from the Coronavirus. This has driven Canada and many western countries to paid close attention to purchasing proposals from state-run Chinese companies in a bid to protect their national interests.

-www.politicalscientist.ca

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Posted by admin on Jan 6 2021. Filed under Africa & World Politics, Canadian Politics. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry