Silvercorp accepts Perseus’ buyout of its 15% shareholding in OreCorp

Gold bars

Photo by Bloomberg

10th April 2024

By: Marleny Arnoldi

Deputy Editor Online


Font size: - +

As ASX- and TSX-listed Perseus Mining’s takeover of ASX-listed OreCorp gains pace, TSX-listed Silvercorp Metals has accepted the offer to sell its 73.8-million OreCorp shares to Perseus.

Silvercorp, which has been a rival bidder for OreCorp, has agreed to sell its 15.6% shareholding in OreCorp to Perseus. This takes Perseus’ interest in OreCorp to just under 75%.

Silvercorp originally made an offer of A$0.53 to acquire all of the OreCorp shares it did not already own, but Perseus’ amended and final offer was deemed to be the superior offer by the OreCorp board.

Perseus had a relevant interest in 239-million OreCorp shares, or 51.03% ownership, prior to Silvercorp’s acceptance.

Perseus’ offer to acquire the remainder of the shares it does not own in OreCorp at an offer consideration of A$0.575 apiece remains unconditional and open until April 19, unless it is extended.

OreCorp has once again urged shareholders to accept the Perseus offer.

OreCorp is already actively working with Perseus to transition the OreCorp board and management team in respect of the takeover.

Perseus intends to appoint its MD and CEO Jeff Quartermaine and CFO Lee-Anne de Bruin to the OreCorp board.

In conjunction with these appointments, several of the current OreCorp board members will step down. Eventually, the majority of directors on the OreCorp board will be Perseus nominees.

Once the deal closes, Perseus will gain control of OreCorp’s Nyanzaga project, in Tanzania, which has an estimated capital cost of $474-million. The project is poised to produce about 242 000 oz of gold over its first decade of operation.

Edited by Chanel de Bruyn
Creamer Media Senior Deputy Editor Online



SMS group
SMS group

At SMS group, we have made it our mission to create a carbon-neutral and sustainable metals industry.

M and J Mining
M and J Mining

M and J Mining are leading suppliers of physical support systems as used by the underground mining industry. Our selection of products are not...


Latest Multimedia

sponsored by

Menar MD Vuslat Bayoğlu
Menar advancing on the manganese front
21st May 2024 By: Martin Creamer
On-The-Air (17/05/2024)
On-The-Air (17/05/2024)
17th May 2024 By: Martin Creamer

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
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?







sq:20.942 20.976s - 91pq - 2rq
1: United States
Subscribe Now
2: United States