Kitikmeot Inuit Association President Stanley Anablak says his organization is “optimistic and supportive” upon learning of Agnico Eagle’s plans to purchase TMAC Resources and operational control of the Hope Bay property, 125 km southwest of Cambridge Bay.
“KIA is happy that a mature mining company with significant Canadian and Arctic experience has proposed to acquire the Hope Bay Project,” Anablak stated in a Tuesday afternoon news release. “Agnico Eagle has a track record of success in Nunavut. KIA realizes that while the Hope Bay project has significant potential for Nunavut and Canada, this potential will require effort from AEM, Inuit and Canada to succeed. Our organization looks forward to future discussions with Agnico Eagle to learn about their plans and how we can work together to help the Hope Bay Project fulfill its promise to Inuit and Canada.”
The KIA, a royalty-collecting minority shareholder in TMAC Resources, never approved of a previous attempted takeover of TMAC by Chinese company Shandong Gold Mining, despite the passage of several months. That proposed deal was scuttled when the federal government concluded its national security review and declared that Shandong couldn’t proceed with the purchase.
Sean Boyd, CEO of Agnico Eagle, said on Tuesday that it’s too soon to say whether the KIA’s existing Inuit Impact and Benefit Agreement may be renegotiated as part of the new ownership regime.
Agnico Eagle is offering $286.6 million to acquire TMAC Resources.