(Alliance News) - Arc Minerals Ltd on Tuesday said it has substantially progressed negotiations with Anglo American PLC regarding its copper interests in North Western Zambia.
This was despite extending the exclusivity period for the venture in order to allow for final approvals.
Arc Minerals is a junior exploration company focused on base metals in Africa. It has projects in both Zambia and Botswana. Anglo American is a London-based, globally-focused mining company with a portfolio that spans materials including diamonds, platinum, copper and iron ore.
Under the proposed joint venture in Zambia, Anglo American will have the right to retain up to 70% ownership.
Arc Minerals on Tuesday said it has advanced negotiations further, though fundamental commercial terms of the venture remain unchanged.
Both parties are currently completing remaining due diligence, expected to complete in the next few weeks. As such, they have both agreed to a short extension of the exclusivity period to March 31, in order to allow for final internal approvals and the signing of documents.
Arc Minerals warned there was no guarantee until signing that it would be able complete a commercial transaction in relation to its Zambian assets.
Arc Minerals shares were trading 0.6% lower at 3.78 pence each in London on Tuesday afternoon. Anglo American shares were trading 1.4% higher at 3,399.00p each.
By Holly Beveridge; Alliance News reporter
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Arc Minerals (ARCM)
Anglo American (AAL)