Arc Minerals and Anglo American have finalised a Zambia exploration joint venture agreement (JVA) for a copper-cobalt project situated in the North-Western Province of Zambia.
Following the completion of the subscription process for shares in the joint venture company, Anglo American Exploration BV has acquired a 70% interest, while Unico Minerals, an Arc subsidiary, has acquired a 30% interest.
"This marks a major turning point for Arc and our shareholders. I am delighted that we have now satisfied the substantive regulatory conditions precedent to completing the JVA and that the joint venture drilling campaign led by our partners, Anglo American, has commenced,” said Arc executive chairperson Nick von Schirnding.
“We recognise that President Hakainde Hichilema's government has prioritised additional foreign and local investment into the mining sector and it is with a sense of excitement that we can start the next phase of the exploration programme.”
The fulfilment of certain minor procedural conditions is underway, paving the way for the JVA to become unconditional.
It is anticipated that these outstanding conditions will be met within the next two weeks.
Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished
