2024-03-22 18:13:00
(Ecofin Agency) – Perseus Mining and Silvercorp Metals are competing to acquire a mine that can deliver 70.8 tonnes of gold over more than 10 years in Tanzania. The owner of the future mine had previously recommended Silvercorp’s offer to shareholders, deeming it superior to that of Perseus.
Perseus Mining has sent a new buyout offer to OreCorp. This is the announcement made on March 20 by the owner of the Nyanzaga gold project in Tanzania, specifying that this proposal from Perseus is superior to the agreement previously concluded with the Canadian Silvercorp Metals.
Under the agreement, Silvercorp has until March 27, 2024 to submit a proposal that matches or exceeds that of Perseus. In the absence of such an offer, the OreCorp Board is expected to recommend that shareholders accept Perseus’ proposal of A$0.575 for each OreCorp share.
As a reminder, Silvercorp and Perseus Mining have been fighting for several months to acquire OreCorp, with the aim of taking control of the Nyanzaga project in which the company owns 84%. According to a feasibility study published in August 2022, this future gold mine should deliver an average of 234,000 ounces per year over 10.7 years.
Read our analysis:
03/11/2024 – A gold mine in Tanzania at the heart of a battle between Canada and Australia
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