OreCorp directors also said on February 2 that Perseus’ lack of approval from the Tanzanian government convinced them that it was better to side with Silvercorp, which had Tanzania’s imprimatur.
But Perseus declared on Monday that it secured approval from Tanzanian regulators on March 15 by promising to give the Tanzanian government 20 per cent free carry in the Nyanzaga gold project, up from the 16 per cent free carry that is currently owed.
Perseus further undermined Silvercorp by hinting that other bidders for OreCorp had also been promising to give the government 20 per cent of the project behind closed doors.
“Perseus was informed by the government of Tanzania that it has had similar discussions, and come to specific arrangements, regarding increasing its equity ownership in the Nyanzaga project with all prospective buyers of OreCorp,” said Perseus in a statement.
“Despite this, Silvercorp has, as yet, failed to disclose any formal or informal discussions or agreements with the government of Tanzania as to it increasing its equity ownership in the Nyanzaga project.”
Silvercorp told the ASX it owned 21 per cent of OreCorp in early March and the Canadian company hopes to get at least 50.1 per cent.
Perseus said on Monday it would not allow Silvercorp to get 100 per cent of the target.
Perseus’ market capitalisation is more than double that of Silvercorp and Perseus also had $US581 million ($885 million) of cash on hand at December 31, suggesting it should have more financial firepower in the battle for control of OreCorp.
Gold was fetching $US2151 an ounce on Monday.