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LONDON (Alliance News) - Mining firm Arc Minerals Ltd said Thursday it has sold its 18% stake in Andiamo Exploration Ltd for USD250,000 to Emerald Ex BV as part of a plan to divest non-core assets.
Arc will sell its stake in the Eritrea-focused gold exploration and development firm to privately-owned Emerald, the deal is due to complete next Monday.
"The sale of Andiamo represents a step forward in delivering on our strategy of selling non-core assets," Arc Executive Chair Nick von Schirnding said. "The proceeds of the transaction will be deployed to our current exploration programme at our Zamsort copper-cobalt project. We are also progressing discussions with a number of interested third parties in respect of our other non-core assets."
Arc also wholly-owns Democratic Republic of the Congo-focused gold miner CASA Mining Ltd and the Slovakian Kremnica gold mining licence area. In Zambia, it also holds a 66% stake in copper and cobalt firm Zamsort Ltd and a 43% interest in copper and cobalt firm Zaco Investments Ltd.
Shares in Arc were 2.6% lower at 3.02 pence on Thursday.