Perseus Surpasses Silvercorp
Perseus has solidified its position as the major stakeholder of OreCorp, holding 22.01% of the share capital. A recent acquisition of an additional 2.11% has positioned Perseus ahead of Silvercorp, who currently owns 21.11%.
New Proposal Emerges
OreCorp, in response to Perseus’ latest offer, has notified Silvercorp of what is deemed a “superior proposal,” adhering to the bid implementation deed signed between the companies in December 2023. Silvercorp now has five business days to counter.
Major shareholders Tim Goyder and Nick Giorgetta, collectively holding approximately 15.6% of OreCorp shares, have expressed intent to accept Perseus’ new proposal, further strengthening Perseus’ position.
The Nyanzaga Project: Center of the Storm
The battleground in this corporate clash is the Nyanzaga project in Tanzania, situated near Barrick Gold’s Bulyanhulu mine and AngloGold Ashanti’s Geita mine. A 2022 feasibility study valued the project at $618 million with an internal rate of return of 25%.
Diverse Geographical Footprint
Perseus, boasting three operational mines in West Africa, produces over 535,000 ounces of gold annually and is geographically closer to OreCorp. Conversely, Silvercorp, with two mines in China, seeks to diversify its mining portfolio.
