Canada criticized by China for rejecting Arctic mine takeover deal

The deal in question was for Shandong Gold Mining Co. Ltd. to take over Toronto's TMAC Resourced Inc. which has started to build a gold mine

The proposal was rejected on Tuesday as the Canadian government cited potential national security concerns, according to the National Post.

The Chinese embassy said in turn in a statement that the deal would be "mutually beneficial" and that "political interference with the excuse of national security is wrong."

"The Canadian side should provide a fair, open and non-discriminatory market environment for enterprises from all countries, including China," continued the statement, which went on to sat that it was a de facto "politicization of normal economic cooperation" between China and Canada.

Concern in recent years has been elevated regarding dealing with China, as businesses are more tied than ever to the Chinese Communist Party under new leader Xi Jinping.

"The one thing I would say is that in taking action, the government has definitely shown that what we have built in Nunavut, they see as important to Canada. You know, that’s a silver lining," commented Jason Neal, the CEO of TMAC.