Rainbow Rare Earths Phalaborwa project shaping up to be one of the lowest cost producers globally. Watch the video here.

Less Ads, More Data, More Tools Register for FREE

Pin to quick picksArc Minerals Regulatory News (ARCM)

Share Price Information for Arc Minerals (ARCM)

London Stock Exchange
Share Price is delayed by 15 minutes
Get Live Data
Share Price: 1.475
Bid: 1.45
Ask: 1.50
Change: -0.06 (-3.87%)
Spread: 0.05 (3.448%)
Open: 1.525
High: 1.49
Low: 1.49
Prev. Close: 1.55
ARCM Live PriceLast checked at -

Watchlists are a member only feature

Login to your account

Alerts are a premium feature

Login to your account

Agreement with Anglo American & Investor Webinar

12 May 2022 07:00

RNS Number : 1741L
Arc Minerals Limited
12 May 2022
 

12 May 2022

Arc Minerals Ltd

('Arc Minerals' or the 'Company')

Agreement with Anglo American & Investor Webinar

Arc Minerals is pleased to announce that it has entered into an agreement with a subsidiary of Anglo American plc, ("Anglo American") (the "Agreement"). Under the Agreement the parties intend to form a joint venture with respect to the Company's Copper-Cobalt project located in the North-Western province of Zambia ("Joint Venture") and Anglo American will have the right to retain a 70% ownership in the Joint Venture for an aggregate investment by Anglo American of up to USD 88,500,000, including cash consideration of up to USD 14,500,000.

Nick von Schirnding, Executive Chairman of Arc Minerals, commented:

"This agreement represents a major turning point for Arc and follows many months of negotiations. I am delighted to be signing this agreement with Anglo American which will, upon execution and completion of the definitive agreements, result in the potential for significant investment by a reputable major mining company in the tenements in north west Zambia and a very exciting time ahead for us."

The key commercial terms of the Joint Venture that have been agreed in principle in the Agreement are as follows:

- Upon signing of the Joint Venture Documents ("Effective Date"), a Joint Venture vehicle will be formed with initial ownership interests by Anglo American and Arc of 70% and 30%, respectively ("Initial Ownership Interests");

 

- Anglo American has the right to retain an Ownership Interest of 51%, by:

funding exploration expenditures equal to USD 24,000,000 on or before the date that is 180 days after the third anniversary of the Effective Date ("Phase I End Date"); and

making cash payments to Arc Minerals totalling up to USD 14,500,000, as follows:

§ USD 3,500,000 upon signing of the Joint Venture Documents ("Effective Date");

§ USD 1,000,000 on the first anniversary of the Effective Date;

§ USD 1,000,000 on the second anniversary of the Effective Date;

§ USD 1,000,000 on the third anniversary of the Effective Date; and

§ USD 8,000,000 by the Phase I End Date.

 

- Following the completion of Phase I, Anglo American will have the right to retain an additional ownership interest equal to 9% (for a total ownership interest of 60%) by funding USD 20,000,000 of additional exploration expenditures within 2 years of the Phase I End Date ("Phase II End Date")

 

- Following the completion of Phase II, Anglo American will have the right to retain an additional ownership interest equal to 10% (for a total ownership interest of 70%) by funding USD 30,000,000 within 2 years of the Phase II End Date.

 

- Anglo American, for as long as it holds the largest interest in the Joint Venture, shall have the right to nominate three directors and Arc shall have the right to nominate two directors. Joint Venture board decisions shall be adopted by simple majority vote.

The Agreement sets out the core principles under which the Joint Venture will be formed subject to satisfactory due diligence, a restructuring of the Company's assets in preparation for the Joint Venture, negotiation and execution of definitive agreements, the approval of the transaction by the relevant boards of directors and the relevant government and regulatory authorities and other customary conditions.

An exclusivity period has been agreed for up to 90 days to allow for due diligence, and up to an additional 90 days for the negotiation and execution of the Joint Venture Documents.

Investor Webinar

Arc will be hosting an Investor Webinar at 11am on Thursday 12 May 2022.

 

Participants are invited to pre-register for the conference using the link below. Please note that registration is a pre-requisite to access the conference:

https://us02web.zoom.us/webinar/register/WN_UwxTACk4S4mJYJlZ-I-PIA

The Company also invites shareholders to submit questions in advance via email to info@arcminerals.com 

Please note that until the Q&A session has begun that all participants will initially be muted without audio or video stream with the exception of Company management.

Market Abuse Regulation (MAR) Disclosure

This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 ("MAR"), and is disclosed in accordance with the Company's obligations under Article 17 of MAR.

 

**ENDS**

Contacts

Arc Minerals Ltd

Nick von Schirnding (Executive Chairman)

 

+44 (0) 20 7917 2942

 

Rothschild & Co (Financial Adviser)

Roger Ewart Smith / Muhammad Jaffer

 

+44 20 7280 5000

 

SP Angel (Nominated Adviser & Joint Broker)

Ewan Leggat / Adam Cowl

 

+44 (0) 20 3470 0470

 

WH Ireland Limited (Joint Broker)

Harry Ansell / Katy Mitchell

 

+44 (0) 20 7220 1666

 

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
 
END
 
 
AGRGPUAPAUPPGQG
Date   Source Headline
19th Jun 20248:16 amRNSRestoration of Trading on AIM
19th Jun 20248:15 amRNSAIM Restoration - Arc Minerals Limited
17th Jun 20244:22 pmRNSSuspension
17th Jun 20243:57 pmRNSSuspension - ARC Minerals Limited
14th Jun 20247:00 amRNSCommencement of Drilling at the Virgo project
30th May 20248:29 amRNSPositive IP Survey Results
2nd May 20247:00 amRNSOperational Update
29th Apr 20247:00 amRNSInvestor Call, Appointment of Joint Broker and TVR
8th Apr 202410:01 amRNSShare Buyback and associated cancellation
8th Apr 20249:59 amRNSPDMR Dealing
5th Apr 20247:00 amRNSPDMR Dealing
26th Mar 202412:22 pmRNSBlock Listing Six-Monthly Return
26th Mar 202412:19 pmRNSBlock Listing Six-Monthly Return
12th Mar 20247:00 amRNSResult of Placing and Subscription
11th Mar 20244:53 pmRNSProposed Placing and Subscription
4th Mar 20247:00 amRNSChange of Nominated Adviser
23rd Feb 20244:30 pmRNSIssue of Shares
25th Jan 20244:18 pmRNSRecording of Investor Call
25th Jan 202412:09 pmRNSBotswana Drilling Update
19th Jan 202410:00 amRNSInvestor Presentation Thursday 25 January 2024
15th Dec 202311:10 amRNSResult of Annual General Meeting
7th Dec 20232:00 pmRNSInvestor Evening - Tuesday 12 December 2023
23rd Nov 20231:00 pmRNSNotice of Virtual AGM
10th Nov 20233:13 pmRNSFinal Completion of Anglo JV
27th Oct 202310:41 amRNSAgreement with Anglo American
29th Sep 20237:00 amRNSInterim Results
21st Sep 20237:00 amRNSBlock Listing Six-Monthly Return
24th Aug 20234:22 pmRNSBlock Listing Six-Monthly Return
3rd Jul 20237:00 amRNSAnnual Report – December 2022
20th Apr 20238:14 amRNSInvestor Webinar
20th Apr 20237:40 amRNSZambian JV Agreement Signed with Anglo American
20th Apr 20237:00 amRNSZambian JV Agreement Signed with Anglo American
31st Mar 20234:35 pmRNSPrice Monitoring Extension
31st Mar 20232:06 pmRNSSecond Price Monitoring Extn
31st Mar 20232:00 pmRNSPrice Monitoring Extension
31st Mar 202311:05 amRNSSecond Price Monitoring Extn
31st Mar 202311:00 amRNSPrice Monitoring Extension
31st Mar 20237:00 amRNSExtension of Exclusivity Agreement
27th Mar 20233:07 pmRNSDirectorate Change
21st Mar 20233:17 pmRNSBlock Listing Six-Monthly Return
23rd Feb 20232:47 pmRNSBlock Listing Six-Monthly Return
7th Feb 20237:00 amRNSExtension of Exclusivity Agreement
20th Dec 20223:14 pmRNSCancelled Shares
8th Nov 20221:32 pmRNSResult of Annual General Meeting
3rd Nov 202211:00 amRNSExtension of Exclusivity Agreement
19th Oct 20229:34 amRNSNotice of Virtual AGM
29th Sep 20227:00 amRNSInterim Results
20th Sep 202211:00 amRNSBlock Listing Six-Monthly Return
12th Sep 202212:22 pmRNSBotswana Drilling Update
23rd Aug 20223:03 pmRNSBlock Listing Six-Monthly Return

Due to London Stock Exchange licensing terms, we stipulate that you must be a private investor. We apologise for the inconvenience.

To access our Live RNS you must confirm you are a private investor by using the button below.

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.