China’s growing control over strategic minerals could be a threat to Canada’s national security, a former head of CSIS says, and Ottawa should recognize this when it reviews a proposed takeover of an Arctic gold mine by a Chinese state-owned conglomerate.
Shandong Gold Mining Co. Ltd., one of the world’s largest gold producers, is paying $207.4-million to buy TMAC Resources Inc., the latest struggling Canadian junior miner to be swept up by a larger and better-capitalized company.
The deal will be among the first pored over by Ottawa after it announced in April that it would bring “enhanced scrutiny” to bear on acquisitions by foreign state-owned investors in a period where the COVID-19 pandemic has driven down the value of companies. China is the largest producer and consumer of gold in the world.
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