LONDON, UK: Arc Minerals, a mineral exploration and development company, has announced that its subsidiary, Unico Minerals Limited, has signed a binding joint venture agreement with a subsidiary of Anglo American plc.
The agreement pertains to Arc Mineral’s copper interests in North Western Zambia, and under the terms of the agreement, Anglo American will have the right to retain up to a 70% shareholding in the Joint Venture company.
This shareholding is based on the exploration expenditures that were previously announced. The Joint Venture Agreement, along with related investments and cash payments, is still subject to certain conditions precedent being satisfied, including normal regulatory approvals in Zambia.
The commercial terms of the proposed Joint Venture remain unchanged from those previously announced on 12 May 2022. Arc Minerals’ Executive Chairman, Nick von Schirnding, expressed his pleasure at the agreement, stating that the signing of the binding Joint Venture Agreement with Anglo American is a significant milestone for the company.
The agreement will allow the Joint Venture to recommence its exploration campaign, managed by Anglo American, a renowned industry leader.
Von Schirnding also stated that he is looking forward to updating shareholders on the progress made in the coming months.
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