As Perseus Mining does not currently own any operations in Tanzania, it does not expect any competition concerns or issues with its merger clearance request.
Perseus’ move complicates OreCorp’s scrip and cash deal with SilverCorp as its bid represents a 4% premium.
OreCorp’s independent expert report prepared by BDO earlier this month put a A$53.4 cents value on SilverCorp’s offer, compared to Perseus’ A$55 cents all-cash bid that equates to a A$258 million price tag. Perseus on Monday called into question the basis for BDO’s recommendation of SilverCorp’s proposal.
Both suitors have their eyes set on OreCorp’s Nyanzaga project, which would cost $474 million to build and it is set to produce 242,000 ounces of gold per year over its first decade.
The project, which could reach annual output of 295,000 gold ounces, is about 30 km northeast of Barrick Gold’s (TSX: ABX; NYSE: GOLD) Bulyanhulu mine. It is also 60 km…
