Foreign firms locked in battle for key Tanzania gold project
The Nyanzaga gold project, which is at the centre of a tug of war involving Canadian and Australian mining firms, is expected to produce an estimated 2.5 million ounces of gold during its 10.7-year lifespan. PHOTO | FILE
Josephine Christopher is a senior business journalist for The Citizen and Mwananchi newspapers
Mwananchi Communications Limitted
Dar es Salaam. Two foreign mining firms – SilverCorp Metals Inc of Canada and Australia’s Perseus Mining Limited – are locked in a battle for the control of the Nyanzaga gold project in Mwanza Region.
The Citizen has established that the tug of war dates back to August 2023 when OreCorp Limited, the project’s majority owner, sought financial support to develop the project. SilverCorp responded by making an all-cash offer to acquire OreCorp’s shares in the project.
