Fresh twist in foreign firms’ tussle for 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. The acquisition saga between two foreign mining firms, involving the Nyanzaga Gold Project in Tanzania, has taken a new turn after OreCorp Limited asked shareholders to reject the Perseus offer, citing regulatory uncertainties and potential superior proposals.
In a statement issued by OreCorp Limited to its shareholders on Monday, executive chairman Matthew Yates said directors unanimously recommend that shareholders reject the Perseus Offer “by taking no further action”.
