ASX-listed Perseus Mining has released a second supplementary bidder’s statement in relation to its off-market takeover bid for all issued ordinary shares of fellow-listed OreCorp, which extends the closing date for the company’s offer to April 19.

Perseus’ A$0.55 all-cash bid equates to a consideration of A$258-million.

Another company, Silvercorp, has also offered to buy all the issued ordinary shares of OreCorp at an offer price of A$0.53 in cash and shares. In particular, Silvercorp’s offer comprises 0.0967 of a Silvercorp share and A$0.19 in cash for each share held.

Both suitors are interested in gaining control of OreCorp’s $618-million Nyanzaga project, in Tanzania, which would cost $474-million to build and produce about 242 000 oz/y of gold over the first decade of operation.

The project is located 30 km northeast of Barrick Gold’s Bulyanhulu mine and 60 km east of AngloGold Ashanti’s Geita mine.

Perseus points out that, not only is its offer price higher, but unlike Silvercorp’s offer, it provides OreCorp shareholders the certainty of receiving a cash payment equal to 100% of the stated value of the consideration of their shares.

Through the acquisition of OreCorp, Perseus aims to diversify its portfolio into Tanzania and further grow its asset base on the African continent.

Perseus has three operating mines in Ghana and Côte d’Ivoire producing gold at a rate of more than 535 000 oz/y.

TSX-listed Silvercorp produces silver, gold, lead and zinc from various mines in China. With its proposed takeover of OreCorp, Silvercorp aims to become a globally diversified precious metals producer, with enhanced trading liquidity and further upside from the Nyanzaga project.

Silvercorp believes it is well-positioned to pay out shareholders in a timely manner and immediately move to advance Nyanzaga towards commercial production. In respect of the rival bid, the company says there is increased timing and execution risk associated with the Perseus offer.

Silvercorp’s offer window closes on March 22 unless extended.