Arc Minerals Completes a JV Agreement with Anglo American and Starts Exploration in Zambia
Arc Minerals is pleased to announce that the substantive regulatory conditions precedent with regards to its Joint Venture Agreement with a subsidiary of Anglo American plc (“Anglo American”) as previously announced (the “JVA”) have been satisfied.
Arc further announces that the parties have completed the subscription of shares in the joint venture company resulting in a 70% interest having been acquired by Anglo American and a 30% interest having been acquired by Unico Minerals Ltd, a 67% subsidiary of Arc Minerals Ltd.
In addition, Arc is pleased to confirm that drilling at one of the key joint venture licences has commenced.
Nick von Schirnding, Executive Chairman of Arc said “This marks a major turning point for Arc and our shareholders. I am delighted that we have now satisfied the substantive regulatory conditions precedent to completing the JVA and that the joint venture drilling campaign led by our partners, Anglo American, has commenced.
We recognise that President Hakainde Hichilema’s government has prioritised additional foreign and local investment into the mining sector and it is with a sense of excitement that we can start the next phase of the exploration program. I would like to extend my appreciation and thanks to the administration and various government agencies of the Republic of Zambia who have been working tirelessly to ensure the required regulatory approvals were obtained.”
Statement by the Minister of Mines and Minerals Development, Hon. Paul Kabuswe:
“I am very pleased with the progress that has been made in forming the joint venture between Anglo American and Arc Minerals. Anglo American’s commitment to a significant exploration program in the Northwest province is most welcome. As the New Dawn government under the leadership of His Excellency Hakainde Hichilema, we have been relentlessly focused on revitalising the country’s economy and ensuring that the Zambian people will benefit and transform their lives by having significant foreign and local investment. I look forward to following the progress in the months and years ahead as this venture aims to unlock further mineral wealth in our country.”
Certain minor procedural conditions are in the process of being satisfied after which the JVA will become unconditional in accordance with the commercial terms previously announced on 12 May 2022 and 20 April 2023. These remaining conditions are expected to be satisfied within the next 2 weeks.
