OreCorp holds one of the best undeveloped projects in Africa. When developed it will be a substantial cash generator and an important part of Tanzania’s economic development. While Nyanzaga’s fiscal terms remain unclear we take comfort in recent Tanzanian government statements and bureaucratic advancements. Key operational parameters will be made clear upon completion of OreCorp’s DFS which we assume will take six to nine months. The project potential is clear, and we assign a Speculative Buy rating with a valuation of $1.25 per share.
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