China’s Shandong Gold to buy TMAC, securing Hope Bay future

China’s Shandong Gold Mining (SD Gold) has agreed to buy Canada’s TMAC Resources, securing continued investment in the remote Hope Bay mine, in Nunavut.

SD Gold will acquire all the outstanding shares of TMAC at C$1.75 a share in cash, which the Canadian company said on Friday was a 52% premium to its 20-day volume-weighted average share price.