Guess which ASX All Ords mining share is exploding 43% today

The All Ordinaries Index (ASX: XAO) is climbing 0.24% today, but one mining share is soaring far higher.

The OreCorp Ltd (ASX: ORR) share price is surging 31% at the time of writing to 55 cents. In earlier trade, the company’s share price exploded nearly 43% to 60 cents.

Let’s take a look at what is going on with this ASX All Ords gold share.

What’s going on?

OreCorp is exploring the Nyanzaga Gold Project in Tanzania.

The spot gold price is up just 0.15% to US$1,812.30 an ounce, according to CNBC.

Recently, OreCorp received debt funding proposals to fund the development of this project.

OreCorp received non-binding expressions of interest from banks in Europe, Africa and Tanzania for more than US$400 million. This is US$100 million more than the company’s US$300 million debt target.

Commenting on this news, OreCorp executive chairman Matthew Yates said:

We are pleased with the strong interest we have received to date from banks with respect to
financing the project.

OreCorp is aiming to produce 242,000 ounces of gold per year for 10 years from this project at an all-in sustaining cost (AISC) of US$954/oz.

In early November, OreCorp announced changes to its board and management team. Henk Diedericks was appointed CEO and managing director, while Matthew Yates was appointed executive chairman.

The company is aiming for first gold production from the Nyanzaga project by 2025.

OreCorp share price snapshot

OreCorp shares have fallen 19% in the last year, while they have descended 31% in the year to date.

For perspective, the ASX All Ords has climbed 0.29% in the last year.

OreCorp has a market capitalisation of about $219.4 million based on the current share price.

The post Guess which ASX All Ords mining share is exploding 43% today appeared first on The Motley Fool Australia.

(function() {
function setButtonColorDefaults(param, property, defaultValue) {
if( !param || !param.includes(‘#’)) {
var button = document.getElementsByClassName(“pitch-snippet”)[0].getElementsByClassName(“pitch-button”)[0];
button.style[property] = defaultValue;
}
}

setButtonColorDefaults(“#0095C8”, ‘background’, ‘#5FA85D’);
setButtonColorDefaults(“#0095C8”, ‘border-color’, ‘#43A24A’);
setButtonColorDefaults(“#fff”, ‘color’, ‘#fff’);
})()

More reading

• The Fortescue share price is surging 6% today, but what’s next in December?
• Guess which gold share is being booted out of the ASX 200
• 2 ASX ETFs trading ex-dividend tomorrow
• Warrego Energy share price leaps 12% as takeover battle continues
• Arafura share price sinks 12% as Gina buys up big

Motley Fool contributor Monica O’Shea has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

from The Motley Fool Australia https://ift.tt/wcnN8Ia