Tanzanian commission approves Silvercorp's proposed buyout of OreCorp
Tanzania's Fair Competition Commission (FCC) has given its unconditional approval for TSX- and NYSE-listed Silvercorp Metals' proposed buyout of ASX-listed OreCorp, which is developing the Nyanzaga gold project, in Tanzania.
The two companies in August signed a binding implementation deed, with Silvercorp offering OreCorp shareholders A$0.15 in cash and 0.0967 of a Silvercorp share for every OreCorp share held.
Silvercorp also proviced OreCorp with $28-million in funding through an equity placement to advance the development of Nyanzaga.
Approval by the FCC was the only regulatory requirement that needed to be met in Tanzania, but the proposed transaction remains subject to OreCorp shareholder approval and court approval, besides others.
“We are very pleased that the FCC has provided the necessary approval to Silvercorp and thereby satisfied another condition precedent to the proposed transaction between OreCorp and Silvercorp. The FCC approval is a significant milestone and further demonstrates the constructive working relationship that the company has with all levels of government of Tanzania,” says OreCorp CEO and MD Henk Diederichs.
Mining Weekly in September quoted Diederichs as having told delegates at Paydirt’s Africa Downunder conference that Silvercorp’s development timeline for the Nyanzaga project aligned closely with those of OreCorp.
OreCorp holds an 84% interest in the Nyanzaga project, with the balance held by the Tanzania government.
Key permits are in place to develop Nyanzaga for first gold in the second half of 2025. A definitive feasibility study, announced in 2022, estimated that Nyanzaga could deliver 2.5-million ounces of gold over a 10.7-year life.
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