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Arc Minerals Acquires Further 5% Interest In Zaco For USD37,500

Tue, 3rd Dec 2019 12:29

(Alliance News) - Arc Minerals Ltd said on Tuesday that it has purchased a further 5% interest in Zambian copper exploration company Zaco Ltd.

The acquisition for a total cash consideration of USD37,500, increases Arc's interest in Zaco to 52.5% from 47.5%.

Arc Minerals is an exploration company focused on exploring for copper, cobalt and gold projects in Africa.

Executive Chair Nick von Schirnding said: "I am very pleased that we have increased our stake in Zaco, giving us a controlling interest in this exciting prospect, which contains a number of anomalies which we are drilling."

Shares in Arc - which has offices in London and the British Virgin Islands - were down 3.9% at 2.402 pence on Tuesday in London.

By Ife Taiwo; ifetaiwo@alliancenews.com

Copyright 2019 Alliance News Limited. All Rights Reserved.

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