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Arc Minerals Ltd - Africa-focused base metals exploration company with projects in Zambia and Botswana - Satisfies "substantive" regulatory conditions regarding its joint-venture agreement with a subsidiary of Anglo American PLC, as previously announced regarding copper interests in northwestern Zambia. Says the two parties have completed the subscription of shares in the joint venture company, resulting in a 70% interest being acquired by Anglo American and a 30% interest being acquired by Unico Minerals Ltd, a 67%-owned subsidiary of Arc Minerals. Also notes drilling at one of the key joint venture licences has begun. Says certain minor procedural conditions are in the process of being satisfied after which the JVA will become unconditional. These remaining conditions are expected to be satisfied within the next two weeks, Arc Minerals says.
In April, Arc Minerals signed a binding joint venture agreement with a subsidiary of Anglo American, in which Anglo American will have the right to retain up to 70% shareholding in the joint venture company of up to USD88.5 million, based on exploration expenditures announced in May last year. At this time, Arc Minerals added that Anglo American will make cash payments to it of up to USD14.5 million as part of the investment.
Current stock price: 3.64 pence, up 6.9%
12-month change: up 10%
By Greg Rosenvinge, Alliance News reporter
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