(Alliance News) - Arc Minerals Ltd said Thursday it sold its first 15 tonnes of copper concentrate from its Kalaba Commercial Scale Demonstration plant to a Chinese customer in Zambia at a "competitive" price.
Arc sold the copper concentrate from the Kalaba plant in Zambia at prices equivalent to the spot London Metal Exchange copper price.
"Following a period of extensive testing of the Kalaba small scale demonstration plant it is very pleasing to have made this maiden sale of copper concentrate - at very competitive pricing," Executive Chair Nick von Schirnding said. "This goes some way to providing proof of concept for processing and marketing near-surface oxide material through our Kalaba CSD plant to generate a future revenue stream."
"As a result of our successful commissioning of the plant and sale of product we are commencing a study to assess the commercial viability of mining higher grade near-surface oxide material from our Cheyeza East prospect which has shown grades at or exceeding 1-2% copper," von Schirnding added. "I look forward to updating shareholders on this going forward as well as in the near term further assay results from our drilling campaign where we continue to see positive results within the drill core."
Shares in Arc closed 11% higher at 3.22 pence in London on Thursday.
By Ahren Lester; ahrenlester@alliancenews.com
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Arc Minerals (ARCM)