Arc Minerals Ltd - Africa-focused base metals exploration company with projects in Zambia and Botswana - Agrees 13 business day extension for exclusivity agreement with its proposed joint-venture partner, a subsidiary of Anglo American PLC. Says extension under the letter of intent with Anglo American now runs until April 13. This is to accommodate the completion of "certain outstanding steps" regarding the proposed joint venture's copper interests in northwestern Zambia.
Says all substantive commercial terms of proposed joint venture remain unchanged from those previously announced on May 12 last year. Through the joint venture, Anglo will have the right to retain a 70% ownership for an aggregate investment of up to USD88.5 million, Arc Minerals said at the time. It added that Anglo American will make cash payments to Arc Minerals of up to USD14.5 million as part of the investment.
Arc Minerals current stock price: 3.91 pence, up 13%
12-month change: up 13%
Anglo American current stock price in London: 2,668.50p, down 0.7%
12-month change: down 33%
Anglo American current stock price in Johannesburg: ZAR586.19, down 1.5%
12-month change: down 24%
By Greg Rosenvinge, Alliance News reporter
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Arc Minerals (ARCM)
Anglo American (AAL)