Arc Minerals and Anglo American Progress with Zambia Copper JV
Details of the Joint Venture
Arc Minerals and Anglo American have addressed most regulatory prerequisites concerning their copper interests in Zambia, paving the way for their joint venture. Anglo American now holds a 70% interest in the venture, while Unico Minerals, an offshoot of Arc, possesses the remaining 30%. Drilling activities have already initiated under one of the significant joint venture licenses.
Nick von Schirnding, the Executive Chairman of Arc, expressed satisfaction over the advancement of the venture. He noted the current government's encouragement towards additional investments in the mining sector and looks forward to the forthcoming exploration phase.
Ownership and Anticipated Moves
Arc has a 67% stake in Unico Minerals, with Kopara Investments owning the residual 33%. The partnership is expected to become unconditional after the resolution of some procedural elements, likely in the upcoming fortnight.
Background and Project Insights
In May 2022, Arc disclosed their intentions for this collaboration, detailing that Anglo American would command a 70% stake in the JV in exchange for an investment nearing $88.5mn. This sum encompasses up to $14.5mn in cash. The formal agreement was inked in April 2023.
Positioned in Zambia's north-western province, Arc’s licenses are in the Copperbelt's Domes region, neighboring several significant mines. To date, Arc has conducted extensive drilling, soil sampling, and airborne geophysical surveys across its licensed territories.
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