Agnico Eagle completes purchase of TMAC

Agnico Eagle Mines Ltd. is now the owner of TMAC Resources Inc.

The companies made the announcement Tuesday.

TMAC operates the Hope Bay gold property in western Nunavut. The company had been looking for a buyer since early 2020.

In May, it looked like TMAC had found one in the Chinese-state owned Shandong Gold Mining Co. Ltd. The federal government quashed that deal in December, however, citing national security and economic concerns.

On Jan. 5, Agnico Eagle stepped in with a new offer.

The deal, worth $286 million, included the purchase of all of TMAC’s shares for $2.20, representing a 26 per cent premium per share on Shandong’s offer.

In the news release, Dominique Girard, Agnico Eagle’s senior vice-president of operations for Canada and Europe, welcomed the Hope Bay team to the company.

“The transition process has already begun, and we look forward to building on the successes achieved by TMAC,” he said in the release.

Now that the acquisition is complete, all of TMAC’s common shares will be delisted from the Toronto Stock Exchange at the close of trading Wednesday.