Perseus Mining increase stake in Nyanzaga Gold Project
Perseus Mining Ltd has announced it has increased its strategic investment in African gold by acquiring a 15.03% interest in OreCorp Ltd, the company in charge of the Nyanzaga Gold Project in Tanzania.
The Nyanzaga Project is located in northwest Tanzania and is in the pre-development stage, hosting a probable ore reserve of 40.08 million tonnes at 2.02 g/t gold, totaling 2.6 million ounces. According to Perseus Mining’s executive chairman, Jeff Quartermaine, the acquisition of the interest in OreCorp is a strategic investment for Perseus.
Objectives
Quartermaine mentioned that Perseus has significant reserves of cash, bullion, and undrawn debt facilities, totaling approximately US$900 million. The company aims to use these resources to pursue opportunities that complement its existing asset portfolio and organic growth program.
Quartermaine also emphasized that Perseus has the expertise and financial strength to contribute to the successful development and operation of the Nyanzaga Gold Project. However, it’s worth noting that, as of the provided information, Perseus is not in active discussions with OreCorp and does not intend to submit a change of control transaction in competition with the scheme offered by Silvercorp Metals Inc to OreCorp shareholders.
Perseus expressed its willingness to engage with OreCorp to determine an optimal and expedited pathway forward for the development of the Nyanzaga Gold Project. This situation suggests a complex scenario involving different mining companies with interests in the Nyanzaga Gold Project, and Perseus Mining aims to play a strategic role in its development.
