The Tanzanian Fair Competition Commission (FCC) has granted an unconditional approval to OreCorp Limited to continue with the proposed transaction with Silvercorp Metals Inc.
FCC approval is the only Tanzanian regulatory approval required to complete the proposed transaction. The scheme remains subject to OreCorp shareholder and court approval, as well as other customary conditions.
Commenting on the matter, the OreCorp Chief Executive Officer and Managing Director Henk Diederichs said“We are very pleased that the FCC has provided the necessary approval to Silvercorp and thereby satisfied another condition precedent to the proposed transaction between OreCorp and Silvercorp. The FCC approval is a significant milestone and further demonstrates the constructive working relationship that the Company has with all levels of Government of Tanzania.”
He lauded the FCC for providing support throughout the approval process and all other line ministries that played part in the FCC approval process.
He noted that the scheme is progressing well, with the Scheme Booklet being sent to shareholders for their consideration.
“Shareholders are advised to carefully review the Scheme Booklet and its accompanying materials before voting on the Scheme. If shareholders have any questions or concerns, they can contact the Shareholder Information Line for assistance or consult with their financial or legal advisors,” he said