Arctic gold miner hopes metal rally can lift its fortunes as it looks for a buyer amid operational challenges
His company had announced a strategic review in January. Located in Nunavut, the company faced high operating costs because all its supplies need to be shipped by air or sea. These costs were exacerbated by a mill that never performed at the expected level, which led to lower gold recovery and production and difficulties with debt repayment.
In June, 97 per cent of TMAC’s shareholders, including its two largest, both based in Colorado and which together control 53 per cent of the company, Resource Capital Fund and Newmont Corp., the largest gold mining company in the world, voted in support of the sale.In December, 2018, the RCMP arrested Meng Wanzhou, a permanent resident of Canada who is also chief financial officer of Chinese telecom giant Huawei Technologies Ltd., so she could be extradited to the U.S.
He downplayed the national security concerns about a Chinese state-owned company owning a gold mine in the Arctic, and said he believes a public backlash against China for the arrest of the ‘two Michaels’ likely played a factor in the government decision to block the deal.Article content continued
Chinese are not getting it.
Good, keep China out of Canadian business. Trouble is that Trudeau has already sold us out to the Chinese State in many other businesses, even let’s their military train on Canadian soil. More needs to be done to kick them out.
stopped a remote advance deployment staging area for China's Military,
So he stops this one and gives away how many more. Pure PR and nothing more.