After Perseus Mining Ltd (ASX:PRU, TSX:PRU, OTC:PMNXF) this morning announced that it had acquired a 15.03% interest in OreCorp Ltd, the African gold producer has lifted its stake to 19.9%.
This enhances Perseus’ investment in the precious metal in Africa with ASX-listed OreCorp holding the multi-million-ounce Nyanzaga Gold Project in northwest Tanzania.
Nyanzaga hosts a probable ore reserve of 40.08 million tonnes at 2.02 g/t gold for 2.6 million ounces.
READ: Perseus Mining takes strategic 15.03% stake in OreCorp and its Tanzanian gold project
OreCorp has recently fielded an offer from Canadian-listed Silvercorp Metals Inc (TSX:SVM, AMEX:SVM).
Perseus advises that it is not currently in active discussions with OreCorp and does not intend to submit a change of control transaction in competition to the scheme that Silvercorp proposed on August 7, 2023, and subsequently revised on November 23.
In a statement, the company said: “Perseus would, however, welcome the opportunity to engage with OreCorp in order to determine an optimal and expedited pathway forward for the development of the Nyanzaga Gold Project.”
With this in mind, Perseus intends to vote against the Silvercorp scheme at the OreCorp scheme meeting scheduled for Friday, December 8, 2023.