Gold miner Perseus says it has secured approval from the Tanzanian government for its $258 million takeover bid for ASX-listed Tanzanian explorer OreCorp, and has vowed that it will not sell its 19.9 per cent stake in the takeover target to a rival bidder.

Monday’s update from Perseus suggests Canadian company Silvercorp Metals may be left with a hostile partner in Tanzania if it goes ahead with a plan to acquire a controlling stake in OreCorp.