Ore Corp increases shareholding
GOLD FUTURE Ore Corp is looking to increase its gold portfolio with an increasing shareholding in the Nyanzaga Mining Company Limited
Australian development company Ore Corp received approval from the Tanzanian Fair Competition Commission (FCC) to increase its interest in the Nyanzaga Mining Company Limited (NMCL) to 51%.
However, the move remains subject to the approval of the newly established Mining Commission. The application for approval from the Mining Commission was lodged at the same time as the application was lodged at the FCC. The move is also dependent on the payment of $3-million to global investment company Acacia Group.
Ore Corp and Ore Corp Tanzania have also entered into a completion agreement with Acacia Mining and other members of the Acacia Group to allow Ore Corp Tanzania to move to 100% ownership of NMCL and thereby 100% ownership of the Nyanzaga gold project by making a further payment of $7-million. The move to 100% ownership of NMCL is also conditional on the Tanzanian regulatory approvals referred to above and the grant of the special mining licence (SML).
Following completion, Acacia will retain a net smelter return production royalty over the project, capped at $15-million.
Ore Corp believes that a simplified ownership structure of NMCL is beneficial to the future development of the project and would enable it to be best placed to provide significant benefits to Tanzania and all stakeholders.
Nyanzaga hosts a Joint Ore Reserves Comittee-compliant mineral resource estimate (MRE) of 3.1-million ounce at 4.0 g/t gold. The MRE is the foundation of a definitive feasibility study (DFS) for project financing purposes currently under way. The SML application has been lodged and is anticipated to progress through the application process following the formation of the Mining Commission.
The granting of the SML will be required before the project financing DFS is completed and any financing for the construction of the project can be undertaken. Upon grant of the SML, the Tanzania government will become an equity holder in the project, acquiring a free-carried interest of not less than 16% in NMCL in accordance with the Tanzanian Mining Act. Ore Corp is looking forward to the opportunity to develop Tanzania’s next large-scale gold mine with the Tanzania government, for the benefit of all stakeholders.
Comments
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation