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Perseus Mining has increased its shareholding in OreCorp ahead of the Silvercorp Metals–OreCorp acquisition.

Perseus’ standing in OreCorp has increased to 19.9 per cent. While the company said it does not intend to submit a change of control transaction in competition with Silvercorp, it is planning to vote against the scheme.

“Perseus intends to vote against the Silvercorp scheme at the OreCorp scheme meeting, which is scheduled for December 8,” Perseus said in a statement.

OreCorp unanimously recommended that its shareholders vote in favour of the acquisition in August, with Silvercorp expected to provide the company with approximately $28 million in funding.

The funding will be used to develop the Nyanzaga gold project in northwest Tanzania.

“This transaction will create a new globally diversified precious metals producer,” Silvercorp chief executive officer Rui Feng said in August.

“We believe this is a rare opportunity to leverage our technical expertise and strong balance sheet to unlock value for all shareholders by bringing Nyanzaga into commercial production by the second half of 2025.

OreCorp chief executive Henk Diederichs said the transaction provides OreCorp shareholders with an immediate and significant upfront premium and exposure to a geographically diverse mid-tier precious metals company.

“With a strong operating history, solid balance sheet and significant mine building and operational experience, Silvercorp’s management team is well-positioned to fund and advance Nyanzaga into commercial production,” Diederichs said.