Orecorp Ltd – Updates on Nyanzaga Project

Completion of Earn-in Phase of Nyanzaga Project and Execution of Conditional Heads of Agreement to acquire 100% of the Project: Orecorp Ltd.’s (ASX: ORR) stock skyrocketed 54.12% on July 20, 2018 to A$0.262 (3:30 PM AEST) after the company’s Tanzanian subsidiary, OreCorp Tanzania Limited, completed its earn-in obligations of the Nyanzaga Gold Project in Tanzania. This is as per the Earn-in Agreement entered into by the Company and Acacia Mining plc, on 22nd September 2015. The Project is owned by Nyanzaga Mining Company Limited (NMCL), which is currently a wholly owned subsidiary of Acacia. ORR has fulfilled its earn-in obligations by investing approximately US$14 million for the completion of a Pre-Feasibility Study and additional feasibility study related work. Moreover, ORR has exercised its option to acquire an additional 26% interest in the Project, for the consideration of US$3 million to Acacia , which would increase ORR’s interest in NMCL from 25% to 51%. The acquisition of shares by ORR represents a 51% interest in NMCL that is based on condition to get an approval from the Tanzanian Fair Competition Commission (FCC) and newly established Mining Commission. The company has already lodged relevant applications with the FCC and Mining Commission. Additionally, ORR has also signed a binding conditional heads of agreement with Acacia and NMCL to allow ORR to get 100% ownership of Nyanzaga, by investing US$7 million further. The acquisition of the additional 49% of shares in NMCL is also on fulfilling the conditions. Meanwhile, ORR stock has fallen 17.07% in three months as on July 19, 2018.


The advice given by Kalkine Pty Ltd and provided on this website is general information only and it does not take into account your investment objectives, financial situation or needs. You should therefore consider whether the advice is appropriate to your investment objectives, financial situation and needs before acting upon it. You should seek advice from a financial adviser, stockbroker or other professional (including taxation and legal advice) as necessary before acting on any advice. Not all investments are appropriate for all people. Kalkine.com.au and associated websites are published by Kalkine Pty Ltd ABN 34 154 808 312 (Australian Financial Services License Number 425376). The information on this website has been prepared from a wide variety of sources, which Kalkine Pty Ltd, to the best of its knowledge and belief, considers accurate. You should make your own enquiries about any investments and we strongly suggest you seek advice before acting upon any recommendation. Kalkine Pty Ltd has made every effort to ensure the reliability of information contained in its newsletters and websites. All information represents our views at the date of publication and may change without notice. To the extent permitted by law, Kalkine Pty Ltd excludes all liability for any loss or damage arising from the use of this website and any information published (including any indirect or consequential loss, any data loss or data corruption). If the law prohibits this exclusion, Kalkine Pty Ltd hereby limits its liability, to the extent permitted by law to the resupply of services. There may be a product disclosure statement or other offer document for the securities and financial products we write about in Kalkine Reports. You should obtain a copy of the product disclosure statement or offer document before making any decision about whether to acquire the security or product. The link to our Terms & Conditions has been provided please go through them and also have a read of the Financial Services Guide. On the date of publishing this report (mentioned on the website), employees and/or associates of Kalkine Pty Ltd do not hold positions in any of the stocks covered on the website. These stocks can change any time and readers of the reports should not consider these stocks as advice or recommendations.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s