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Perseus Mining announced on Wednesday that it has raised its off-market takeover offer for OreCorp as it seeks to beat out Canadian rival Silvercorp Metals in acquiring the Africa-focused gold explorer.by OreCorp earlier in the year. However, the Perth, Australia-based gold miner has maintained its confidence in completing a deal, and earlier this month, it
In a news release confirming Perseus’ latest offer, OreCorp said it has notified Silvercorp of what is determined to be a “superior proposal” in accordance with the matching rights process set out in the bid implementation deed signed between the companies in Should Silvercorp fail to provide such an offer within the five-day period, the OreCorp board intends on recommending that shareholders accept the amended proposal in the absence of a superior proposal, the Australian gold developer said.
At the heart of this takeover battle is the Nyanzaga project in Tanzania, located near Barrick Gold’s Bulyanhulu mine and AngloGold Ashanti’s Geita mine.
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