PERTH (miningweekly.com) – ASX-listed OreCorp has been granted Tanzanian regulatory approval to complete the acquisition of the Nyanzaga gold project.
The Tanzanian Mining Commisison and the Fair Competition Commission have approved OreCorp’s plans to acquire control of Nyanzaga Mining Company (NMCL), which holds the Nyanzaga gold project, and which has applied for a special mining licence.
OreCorp gained full ownership of the Nyanzaga project through a number of staged acquisitions, gaining its initial 25% stake in the project last year after spending A$14-million on a prefeasibility study (PFS) and additional work.
A further A$10-million was made to project partner Acacia Mining, in stages, to acquire the remaining interests in the project.
OreCorp on Monday said that the acquisition of NMCL will be completed in the coming days, with the grant of the special mining licence expected to follow shortly after.
The Nyanzaga project is currently estimated to host a mineral resource of 3.1-million ounces, grading 4 g/t gold.
A 2017 PFS 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.