Anglo American withdraws from JV with Arc Minerals
London-listed Arc Minerals has informed its shareholders that the joint venture (JV) agreement between its subsidiary Unico Minerals and a subsidiary of Anglo American, regarding mining tenements in Zambia, has been terminated by mutual agreement.
Accordingly, Anglo American has withdrawn from the JV and surrendered its interests, which were held through the JV company Handa Resources.
This follows a protracted period of no drilling activity during this year.
It has been further agreed that about $800 000 will be left in Handa’s bank account and Arc will resume control of that company, with Anglo American surrendering its shares in Handa.
“While we are sorry to part company with Anglo American, I am pleased that we revert to a controlling position in what is widely regarded as one of the most prospective copper tenements in Africa with only a fraction having been drilled to date. We will explore our options for these assets, which may include a new JV partner,” says Arc Minerals executive chairperson Nick von Schirnding.
Arc Minerals has a 66% shareholding in Unico, with the balance held by Kopara Investments.
Arc Minerals is an exploration company focused on developing Tier 1 copper deposits.
“We remain resolutely determined to complete the court processes under way in Zambia to deal with the improprieties carried out by an individual intent on holding the company to ransom, which we naturally will not countenance,” Von Schirnding informs.
“Given existing cash resources and the balance of cash being left in Handa, the directors do not anticipate any requirement to undertake an equity raise in the foreseeable future to support existing operations,” he mentions.
Article Enquiry
Email Article
Save Article
To advertise email advertising@creamermedia.co.za or click here
Comments
Research Reports
Projects
Showroom
FlameBlock is a proudly South African company that engineers, manufactures and supplies fire intumescent and retardant products to the fire...
VISIT SHOWROOM
Leading condition monitoring specialists, WearCheck, help boost machinery lifespan and reduce catastrophic component failure through the scientific...
VISIT SHOWROOM
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation
