Perth, Australia-based Perseus’s offer values OreCorp at A$258 million, 4% more than Silvercorp’s offer and would give shareholders more cash, Perseus said.
“This offer is demonstrably superior to the Silvercorp takeover in terms of price based on recent Silvercorp trading and in terms of consideration certainty, being all cash,” Perseus executive chairman and CEO Jeff Quartermaine said in a release. “It would ensure that OreCorp’s shareholders receive full value and certainty for their shares.”
Perseus and Silvercorp are vying for OreCorp’s Nyanzaga project in Tanzania near Barrick Gold’s (TSX: ABX; NYSE: GOLD) Bulyanhulu mine. Nyanzaga would cost $474 million to build and produce 242,000 oz. gold per year over its first decade, according to a feasibility study issued in August 2022. Both bidders, who have been competing for OreCorp at least since August, claim Tanzanian authorities are ready to approve their…
