Perseus Mining Limited has announced a strategic equity investment in OreCorp Limited, acquiring a 15.03% interest, as the company aims to expand its asset portfolio and strengthen its position in the gold mining sector. This move comes as Perseus, which holds US$900 million in reserves, plans to oppose Silvercorp Metals (NYSE:SVM) Inc.'s current offer for OreCorp at the upcoming December 8th scheme meeting.
The investment in OreCorp aligns with Perseus's growth strategy, leveraging its substantial financial and operational capacity to advance projects such as the Nyanzaga Gold Project in northwest Tanzania, which has a Probable Ore Reserve of over two million ounces of gold. Executive Chairman Jeff Quartermaine underscored the decision to invest was backed by Perseus's strong financial reserves.
While Perseus is not pursuing an active takeover of OreCorp, they have expressed a willingness to discuss future development opportunities for Nyanzaga. The details of Perseus's strategic investment will be further outlined in an upcoming ASX Form 603 Notice of Initial Substantial Holder filing.
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