Chinese government run company bids to buy gold mine in Arctic; Now waits for Trudeau’s approval

A Chinese state-run-firm has bid to buy a gold mine in the Canadian Arctic. The plans of the company acquiring the area has sparked concerns within the Canadian government.

Shandong Gold Mining Co.’s plans on buying the gold mines from a Canadian company as experts believe it shows how China is expanding its presence in strategically important region.

Opposition leader have urged the Trudeau government to take steps as it holds a cabinet meeting over this deal.

There is also a growing demand to urge Prime Minister Trudeau to block the deal and discourage China from acquiring any more assets in the Arcitc after the US warned that China could be aiming to assert its importance in sensitive and important regions such as Arctic, similar to the South China Sea dispute.

“This purchase should not go forward,” said Richard Fadden, who was national security adviser to both PM Trudeau and former Canadian Prime Minister Stephen Harper.

“They are clearly adversaries, and I think we have to take that into account every time they seek to buy something.”

The Canadian company TMAC Resources Inc. has approved the deal and the only step remaining is a green signal from the Canadian government. In Canada, all assets being sold to foreign state-owned company has to be approved by the government, and the cabinet holds the power to block the deal if it poses a threat to the national security.