Anglo American withdraws from JV with Arc Minerals
London-listed Arc Minerals has informed its shareholders that the joint venture (JV) agreement between its subsidiary Unico Minerals and a subsidiary of Anglo American, regarding mining tenements in Zambia, has been terminated by mutual agreement.
Accordingly, Anglo American has withdrawn from the JV and surrendered its interests, which were held through the JV company Handa Resources.
This follows a protracted period of no drilling activity during this year.
It has been further agreed that about $800 000 will be left in Handa’s bank account and Arc will resume control of that company, with Anglo American surrendering its shares in Handa.
“While we are sorry to part company with Anglo American, I am pleased that we revert to a controlling position in what is widely regarded as one of the most prospective copper tenements in Africa with only a fraction having been drilled to date. We will explore our options for these assets, which may include a new JV partner,” says Arc Minerals executive chairperson Nick von Schirnding.
Arc Minerals has a 66% shareholding in Unico, with the balance held by Kopara Investments.
Arc Minerals is an exploration company focused on developing Tier 1 copper deposits.
“We remain resolutely determined to complete the court processes under way in Zambia to deal with the improprieties carried out by an individual intent on holding the company to ransom, which we naturally will not countenance,” Von Schirnding informs.
“Given existing cash resources and the balance of cash being left in Handa, the directors do not anticipate any requirement to undertake an equity raise in the foreseeable future to support existing operations,” he mentions.
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