Miners to launch Zambian copper-cobalt joint venture

Photo: Arc Minerals

Arc Minerals has announced it recently entered into an agreement with a subsidiary of Anglo American under which the par-ties aim to establish a joint venture with respect to Arc Minerals’ cop-per-cobalt project in the North-Western province of Zambia.


Under the plan, Anglo American will hold the right to retain a 70 per-cent ownership in the joint venture for an aggregate investment by Anglo American of up to US$88.5 million, including cash considera-tion of up to US$ 14.5 million, Arc Minerals said in a statement.


Nick von Schirnding, the executive chairman of Arc Minerals, said that the latest "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 sig-nificant investment by a reputable major mining company in the ten-ements in north west Zambia and a very exciting time ahead for us."