(Sharecast News) - Arc Minerals announced the fulfilment of substantive regulatory conditions related to its joint venture agreement with a subsidiary of Anglo American on Friday.
The AIM-traded firm said that the subscription of shares in the joint venture company had also been completed, resulting in Anglo American acquiring a substantial 70% interest.
At the same time, its 67% subsidiary, Unico Minerals, secured a 30% interest in the joint venture.
Arc Minerals also confirmed the start of drilling activities at the pivotal joint venture licence.
"This marks a major turning point for Arc and our shareholders," said executive chairman Nick von Schirnding.
"I am delighted that we have now satisfied the substantive regulatory conditions precedent to completing the joint venture agreement, and that the joint venture drilling campaign led by our partners Anglo American has commenced."
At 1329 BST, shares in Arc Minerals were up 7.82% at 3.666p.
Reporting by Josh White for Sharecast.com.
Arc Minerals (ARCM)