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OreCorp acquires Nyanzaga gold project in Tanzania

OreCorp Ltd. said Oct. 21 that it has completed the acquisition of full ownership and control of Nyanzaga Mining Co. Ltd., which has applied for a special mining license over the Nyanzaga gold project in Tanzania.

The Ministry of Minerals previously said that the license will be granted following Orecorp's acquisition of Nyanzaga.

Upon the grant of the license, OreCorp will welcome the government of Tanzania as a shareholder of the acquired company, pay the balance of US$8.1 million of the consideration payable for the acquisition, and ultimately deliver Tanzania and all its stakeholders its first large scale gold mine in over a decade.

The company has already paid the stamp duty assessment on the consideration for the purchase of Nyanzaga Mining, amounting to US$115,000.