Federal government cites national security in blocking China’s takeover of TMAC Resources.
In a rare but welcomed instance of sanity, the federal government has blocked China’s takeover of Canadian mining company TMAC Resources.
China’s Shandong Gold Mining had sought to acquire TMAC Resources, the owner of a large arctic gold mine.
Shandong is a state-run company, controlled by the Chinese Communist Party. Of course, even nominally ‘private’ companies in China must submit to the whims of the Communist Party at all times, so there is really no such thing as a company in China that is independent of the Communists.
China’s takeover bid for TMAC Resources had been under a national security investigation by Canadian authorities since October.
This is a great move, as it would have been a huge problem for China to takeover an arctic gold mine.
There must be further action, so that we aren’t constantly dealing with these one-off issues. Companies controlled by Communist China should face a blanket ban on taking over Canadian companies, and Huawei should be banned as well.
Notably, the Liberal government has ignored a deadline imposed by the House of Commons to stop China’s intimidation of Canadian Citizens and ban Huawei, showing that despite them getting the decision on the gold mine right, this government continues to be far too weak when it comes to China.
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