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International relations

Chinese gold miner's Arctic ambitions face chill in Canada

Many oppose state-owned company gaining foothold in the northern sea

A Canadian icebreaker in Nunavut: Many countries, including China, are interested in the Arctic's rich mineral and gas deposits.   © Reuters

NEW YORK/BEIJING -- As global competition for the Arctic's rich resources grows, the proposed acquisition of a Canadian mining company by China's Shandong Gold Group has emerged as a flashpoint in the countries' deteriorating ties.

"We plan to become one of the world's top five producers of gold by 2025," Shandong Gold Chairman Chen Yumin said in August as he signed a strategic partnership with Bank of China. The deal provided the mining giant with a 30 billion yuan ($4.44 billion) credit line to help finance overseas acquisitions.

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