Chinese gold miner acquires Canadian company under $149M deal

Photo: TMAC Resources

China’s Shandong Gold Mining has signed a defin-itive agreement to acquire Canadian miner TMAC Resources under a deal worth some US$149 million. The latter business owns the Doris gold mine which initiated commercial production in 2017.


Yumin Chen, the chairman of Shandong Gold Mining, said in a statement that “Hope Bay is a highly prospective high-grade gold camp which re-quires substantial investment to optimize production and extend mine life and maximize the value of the camp”.


TMAC Resources says its “sole focus is the … sustainable exploration, development and mining of the Hope Bay greenstone belt, an 80 kilome-tre by 20 kilometre property with significant upside resource potential in the Kitikmeot region of Nunavut as Canada’s next major gold mining camp.”


In addition to the Doris gold mine, the Canadian miner aims to launch commercial production at the Madrid and Boston deposits in 2020 and 2022, respectively.