OreCorp Tanzania, a wholly owned subsidiary of OreCorp, has received regulatory approval to complete the acquisition of 100% of Nyanzaga Mining Company (NMCL).
Following the approval from the Tanzanian Mining Commission (TMC) and the Fair Competition Commission (FCC), OreCorp Tanzania will now take control of NMCL.
NMCL holds the Nyanzaga Gold Project and has applied for the special mining licence (SML).
The Ministry of Minerals has advised the company that the SML would be granted following the change in ownership of NMCL.
OreCorp expects to complete the acquisition of NMCL in the coming days.
OreCorp said in a statement: “The company considers the TMC and FCC approvals as significant milestones and further demonstrates the constructive working relationship that the company has with all levels of the Government of Tanzania (GoT).
“Successful conclusion of the transaction will ultimately deliver Tanzania and all its stakeholders the first large scale gold mine development in over a decade. Upon the grant of the SML, the company will welcome the GoT as a shareholder in NMCL.”
The Nyanzaga gold development project has considerable drilling and associated mining information, which consists of 20 contiguous prospecting licences and two applications that cover 211km² in north-west Tanzania.
The project, which hosts a JORC 2012 compliant mineral resource estimate of 23.7Mt at 4.0g/t gold, is situated 60km south-west of Mwanza and 35km north-east of Acacia’s Bulyanhulu gold mine.
OreCorp completed a pre-feasibility study and have commenced a project financing definitive feasibility study.
According to the company, the Nyanzaga deposit offers scalability for an open pit, as well as underground gold mining.