Agnico Eagle buys Arctic miner after Canada nixed sale to Chinese firm


By Steven Frank
Bloomberg News
Tuesday, January 5, 2021

Canadian gold giant Agnico Eagle Mines Ltd. has agreed to pay a premium to buy TMAC Resources Inc. for about C$287 million (US$225 million), two weeks after Canada's government rejected a takeover of the Arctic miner by a Chinese suitor.

Agnico will pay C$2.20 per share in cash, the Toronto-based company and TMAC said today in a joint statement. The offer is 40% more than TMAC's closing price on Monday and higher than the C$1.75 proposed by China’s Shandong Gold Mining Co. in May.

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Agnico didn't feel pressure to pay a premium for TMAC and basically took over the Shandong purchase arrangement that was already agreed to by TMAC shareholders, Chief Executive Officer Sean Boyd said.

"But conditions have changed since that last deal was approved," Boyd said today by phone. "Certainly the climate for gold has improved, the mine is generating cash now -- it wasn't earlier this year." ...

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