(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; email@example.com
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