Chinese Mining Giant Buys Nunavut Gold Mine

Published at: May 13 2020 - 13:10 / Updated at: May 13 2020 - 13:10

Chinese SD Gold (formally; Shandong Gold Mining Co. Ltd.) is willing to pay more than 200 million dollars for a Hope Bay, Nunavut/Canada gold mine, according to Nunatsiaq News. This will happen through acquisition of TMAC Resources Inc., which currently owns the gold mine complex.

The Kitikmeot Inuit Association (KIA), a First Nations organisation, also owns more than one million shares in TMAC, and KIA now asks for more time to assess the deal. Hope Bay is mostly located on land owned by First Nations and controlled by KIA and Nunavut Tunngavik Inc.

Under the benefits program, KIA receives one percent of the value of all gold produced in Hope Bay. During the lifetime of the mine, the land-owners are reportedly to expect some 400 million dollars in royalties, mineral taxes and other payments.