https://www.miningweekly.com

OreCorp raises A$13.3m for Nyanzaga buy

16th August 2019

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

     

Font size: - +

PERTH (miningweekly.com) – ASX-listed OreCorp will undertake an institutional placement to raise A$13.3-million to help fund the acquisition of the Nyanzaga gold project, in Tanzania, and to fund drilling at the Hobbes prospect.

The company on Friday said that 53.1-million shares, at a price of 25c each, will be placed to domestic and overseas institutional and sophisticated investors, with Euroz acting as sole lead manager and bookrunner for the placement.

The new shares will be placed under OreCorp’s existing placement capacity, with no shareholder approval required.

The funds will increase OreCorp’s cash position to approximately A$22-million, and will ensure that the company is in a strong position to complete the acquisition of the Nyanzaga project, and to pursue exploration programmes at its various projects.

OreCorp earlier this year earned an initial 25% stake in Nyanzaga through a $14-million earn-in agreement with project partner Acacia Mining, and acquired the outstanding interest in the project for $11.5-million.

The Nyanzaga project is currently estimated to host a mineral resource of 3.1-million ounces, grading 4 g/t gold.

A 2017 prefeasibility study estimated that the project could produce 213 000 oz/y over a 12-year mine life, with pre-production costs estimated at $287-million and all-in sustaining costs at $838/oz.

 

Edited by Creamer Media Reporter

Article Enquiry

Email Article

Save Article

Feedback

To advertise email advertising@creamermedia.co.za or click here

Showroom

CSIR International Convention Centre (CSIR ICC)
CSIR International Convention Centre (CSIR ICC)

CSIR International Convention Centre (CSIR ICC) - the leading conference and events venue in Pretoria/Tshwane.

VISIT SHOWROOM 
Hanna Instruments (Pty) Ltd
Hanna Instruments (Pty) Ltd

We supply customers with practical affordable solutions for their testing needs. Our products include benchtop, portable, in-line process control...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

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?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.044 0.78s - 111pq - 2rq
Subscribe Now