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Gold: Perseus Mining expands to a fourth African market

Tuesday, 09 April 2024 21:22
Gold: Perseus Mining expands to a  fourth African market

(Ecofin Agency) - Perseus Mining, which owns two gold mines in Côte d'Ivoire, one in Ghana, and a gold project in Sudan, has been trying to take over OreCorp for several months. Achieving this goal would allow Perseus to secure the Nyanzaga project in Tanzania. This mine can produce more than 70 tonnes of gold.

Australian mining company Perseus Mining announced on April 8 that it has acquired 51.03% of another Australian firm OreCorp, which owns the forthcoming Nyanzaga gold mine in Tanzania. Through the acquisition, Perseus expands into its fourth African market for gold exploration; the three other markets being Ghana, Côte d'Ivoire, and Sudan.

Perseus secured its majority ownership of OreCorp through a recent bid of 0.575 Australian dollars per share, valuing the transaction at AU$270 million ($176.4 million). The bid, submitted in late March, was approved by OreCorp's Board of Directors. Subsequently, four out of five board members resigned to accommodate Perseus's nominations. The latter include Jeff Quartermaine who will be Chairman, and Lee-Anne de Bruin the CEO.

"Senior executives from Perseus are scheduled to visit Tanzania in the very near future to continue the process of building relationships in the country with key government and industry stakeholders (...) and to prepare the way for the commencement of the development of the Nyanzaga Gold Project,” said Quartermaine, current CEO of Perseus Mining.

Regarding the Nyanzaga project, it can deliver over 70 tons of gold over 10.7 years. To secure this project, Perseus Mining made a better offer than that of Canadian firm Silvercorp Metals, which also showed interest in the project's potential. Upon its commencement of production, Nyanzaga will join Perseus Mining's portfolio of gold mines, including Yaouré and Sissingué in Côte d'Ivoire and Edikan in Ghana, all located in West Africa. Perseus Mining is also active in the Meyas Sand gold project in Sudan.



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ECOFIN AGENCY offers a selection of articles translated from AGENCE ECOFIN. Founded in 2011, Agence Ecofin is a leader in Francophone Pan-African economic news, particularly in West and Central Africa. The agency publishes daily news on nine African economic sectors: Public Management, Finance, ICT, Agribusiness, Energy, Mining, Transport & Logistics, Communication, and Training.

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