The Government of Nunavut may support the sale of TMAC-SD gold, but with conditions
The Government of Nunavut has submitted a bid to federal reviewers who are now reviewing the proposed sale of TMAC Resources Inc. to Chinese company Shandong Gold Mining Co. Ltd.
But, speaking to the Nunavut Legislative Assembly on Tuesday, Economic Development Minister David Akeeagok did not say whether the Government of Nunavut supports the proposed sale in his presentation to federal reviewers.
In response to questions from Gjoa Haven MP Tony Akoak, he said he didn’t want to comment further because the federal government is still in the middle of its review process.
But Akeeagok said any GN support would be contingent on SD Gold meeting the terms and conditions that are part of previous environmental reviews and agreements with Inuit on jobs, training and other benefits.
Akeeagok said he spoke to Stanley Anablak, the president of the Kitikmeot Inuit Association, about the proposed sale when it was first raised in June.
Akeeagok said he supports KIA’s efforts to ensure that any proposed sale of TMAC comes with “clear and informed” commitments on Inuit employment and training and environmental protection.
But the GN and KIA did not prepare a joint submission to federal reviewers, Akeeagok said, adding that he had not planned to file the GN’s submission during the current session.
KIA, which represents Inuit in the five communities in western Nunavut, did not say whether or not it recommended the sale to the federal agency.
Under the Investment Canada Act, the government is examining whether the agreement with SD Gold is likely to increase employment in Canada, as well as its economic and other impacts.
The Investment Canada Act also allows Ottawa to review a transaction for national security reasons.
Innovation, Science and Industry Minister Navdeep Bains has extended the deadline to Oct. 19 to determine whether to initiate a national security review.
Some obstacles have been overcome. On June 30, TMAC received a final order from the Ontario Superior Court of Justice approving the sale to SD Gold.
But until the government completes the federal review, which could be as late as February 8, 2021, the sale, approved by 97% of TMAC shareholders at a special meeting in June, remains uncertain.