The Chinese stake in Nunavut’s minerals is about to grow, if approvals are granted, and that’s raising some eyebrows.
China’s government controls many Chinese mining companies, including Shandong Gold Mining, which is in line to buy Toronto-based TMAC Resources for $149 million (U.S.).
“There’s a long-running sort of latent fear of selling strategic resources to an entity which is controlled entirely, or in part, by the government of a competitor,” said Adam Lajeunesse, co-author of the 2017 book China’s Arctic Ambitions and What They Mean for Canada.
“You are still working with a fairly totalitarian, communist dictatorship that does have legal rights and control over its companies… China’s made no secret of its intention to become a regional power and a global power, particularly under (Chinese leader) Xi Jinping.”
MMG Resources, also majority owned by the Chinese government, has been in possession of Nunavut’s Izok and High Lake zinc, lead and copper deposits for several years, but the costs remain too high to bring the metals to market.
For the rest of this article: https://nnsl.com/nunavut-news/chinese-ownership-of-nunavuts-resources-stokes-unease/