Canada extended a national security clearance of $ 165 million in China’s acquisition of a Canadian gold mining company in the strategic north of the country. TMAC Resources announced on Friday the 27th. November, with that a federal review of the takeover bid from Shandong Gold Mining in China for the struggling miner has been extended for another 45 days. TMAC Resources, which is currently trying to stay afloat, operates in the far north of Canada, Nunavut.
The strategic value and untapped potential of the area led members of the Canadian opposition and government officials to urge Prime Minister Justin Trudeau to block the sale, according to media reports. If approved, the deal would give the Chinese state-owned company control of the key TMAC Hope Bay Gold Project, located on the Northwest Passage, a sea route that connects the Atlantic and Pacific across the Arctic, according to South China Morning Post.
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This route remains closed for most of the year, however, and some scientists believe that climate change could open the route for long periods of time, which could lead to the opening of a shorter shipping route between Asia and Europe.
This Canadian expansion of the review comes amid mounting tensions with China following extradition proceedings against Meng Wanzhou, chief financial officer of Huawei Technologies. Recently, the Canadian Communications Security Establishment (CSE) intelligence report named China and North Korea among several countries that pose the greatest threat to cybersecurity in Ottawa through their government-sponsored programs.
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The Canadian Cyber Security Center (Cyber Center) said in a report that the government-sponsored programs of China, Iran, Russia, and North Korea are almost certainly the largest government-sponsored cyber threats to Canadian individuals and organizations. However, many other states are rapidly developing their own cyber programs and taking advantage of various legal and illegal markets to buy cyber products and services, the report added.
Canada, Gold, China
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