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China's Shandong Gold to buy Canada's TMAC Resources for $165 million
By Tom Daly
Friday, May 8, 2020
BEIJING -- Shandong Gold Mining, one of China's biggest gold producers, said today it had entered into an agreement to acquire Toronto-listed TMAC Resources for around C$230 million ($164.89 million).
TMAC operates the Hope Bay gold project in Canada's far-north territory of Nunavut, which started commercial production in 2017 and had proven and probable mineral reserves totaling around 3.54 million ounces of gold at the end of 2019, according to the company's website.
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Shandong Gold will pay roughly US$149 million in cash to acquire all of TMAC's shares at a price of C$1.75 per share, TMAC said in a separate statement, and will also purchase another 12 million shares at the same price in a private placement for around $15 million.
The key shareholders in TMAC, Resource Capital Funds and gold miner Newmont Corp., which together hold a combined 58.6 percent in the company, "have entered into voting support agreements to support the transaction," the TMAC statement said. ...
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