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- OreCorp (ORR) has been granted a Special Mining Licence (SML) for the Nyanzaga gold project in Tanzania
- The licence will be granted to a new joint venture in which OreCorp has an 84 percent stake and the Tanzanian government owns a 16 percent free-carried interest
- OreCorp says it’s looking forward to working closely with the government to establish the first new large-scale gold mine in Tanzania in over a decade
- Company shares are up 13.2 per cent to trade at 77 cents
OreCorp (ORR) has been granted a Special Mining Licence (SML) for the Nyanzaga gold project in Tanzania.
The company received approval for the licence from the Tanzanian Cabinet of Ministers in June this year, which it considered to be a ‘pivotal milestone’ towards the development of the Nyanzaga project.
Since then, OreCorp has been working with the Tanzanian Government to finalise the framework and shareholders agreements, as well as the terms for a new joint venture company.
The SML will be issued to the new joint venture company which will be named Sotta Mining Corporation, of which OreCorp holds an 84 per cent interest through its subsidiary, Nyanzaga Mining Company. The Treasury Registrar holds the Government of Tanzania’s 16 per cent free-carried interest.
OreCorp said it was looking forward to working closely with the government to establish the first new large-scale gold mine in Tanzania in over a decade.
The miner has been invited to attend a contract signing ceremony on December 13 with the guest of honour expected to be Her Excellency Samia Suluhu Hassan, the President of the United Republic of Tanzania.
Company shares were up 13.2 per cent to trade at 77 cents at 12:35 pm AEDT.
