SHANDONG GOLD SAYS CANADA EXTENDS REVIEW OF ARCTIC BID
China’s Shandong Gold Mining Co said on Friday it had been notified by the authorities in Canada that they would extend a security review into the company’s bid to acquire an Arctic gold mine by at least 45 days. Deals by state-run Chinese miners have faced heightened scrutiny from Canada to Australia this year amid economic dislocation caused by the coronavirus pandemic. The Liberal cabinet ordered the review of Shandong Gold’s proposed $230 million takeover of TMAC Resources, which operates the Hope Bay mine in the northern and strategically important territory of Nunavut, in mid- October. At the time, TMAC did not put a time frame on the review, which is being made under the Investment Canada Act, but said it expected the transaction to close by the end of the first quarter of 2021.