Arc Minerals said its joint venture in Zambia, Kopara, has signed a binding agreement over its copper interests in the northwest of the country with mining titan Anglo American.
Under the agreement, Anglo American will have the right to retain up to 70% shareholding in the joint venture company based on (previously announced) US$88.5mln of exploration expenditure.
The requires certain conditions precedent to be satisfied, including normal regulatory approvals in Zambia.
Nick von Schirnding, Arc Minerals’s executive chairman, said “I am very pleased that we have signed a binding Joint Venture Agreement with Anglo American, a major turning point for Arc Minerals.
“Upon closing this will see the recommencing of the exploration campaign by the Joint Venture under the management of Anglo American, a renowned industry leader, whom we are delighted to be partners with going forward.”
Source: Proactive
