Several large Canadian mining companies have been sold to foreign entities. Credit: Mr. Tempter via Shutterstock.com.

Silvercorp Metals has secured a merger clearance certificate from the Tanzanian Fair Competition Commission (FCC), granting unconditional approval for its proposed acquisition of Australian Securities Exchange (ASX)-listed OreCorp.

This clearance is a significant step forward for the Canadian mining company, as it represents the only Tanzanian regulatory requirement necessary to finalise the deal.

Go deeper with GlobalData

Data Insights

The gold standard of business intelligence.

Find out more

Related Company Profiles

View all

In a statement, the company said: “The Silvercorp Offer is scheduled to close at 7:00 p.m. (Sydney time) on February 23, 2024, unless the Silvercorp Offer is further extended or withdrawn.”

The transaction involves Silvercorp’s off-market takeover offer for all OreCorp shares it does not already own.

The consideration for the transaction includes 0.0967 common shares of Silvercorp and A$0.19 ($0.13) in cash for each OreCorp share.

With the FCC’s approval, Silvercorp is poised to complete the transaction, having already received acceptance from each OreCorp director.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

The directors continue to advocate for the deal, urging OreCorp shareholders to accept the Silvercorp offer, given that there is no other superior bid.

This recommendation is also contingent on an independent expert’s report affirming the offer’s fairness to OreCorp shareholders.

In December last year, Silvercorp proposed to buy the shares of OreCorp it does not already own for A$276.5m in an off-market takeover.     

At that time, OreCorp CEO and managing director Henk Diederichs said: “We are delighted to have reached this position with Silvercorp. It became clear in recent weeks that the proposed scheme was at risk of not proceeding to completion.”

Silvercorp already owns a 15.74% stake in OreCorp.

With the new buyout structure, the scheme implementation deed signed by the companies in August 2023 and amended in November has been scrapped.