By Ian Walker

Arc Minerals Ltd. said Tuesday that it and Anglo American PLC are in the final stages of the terms for their joint venture over Arc's copper interests in Zambia, which are expected to be finalized in the next few weeks.

The parties have therefore extended the exclusivity period to March 31 to allow for final internal approvals and signing of the agreement.

Arc said on May 12 that it had entered into an agreement with Anglo American under which AA would get 70% of the joint venture in exchange for an aggregate investment of up to $88.5 million, including a cash sum of up to $14.5 million.

It subsequently said in August that the deal had been delayed due to temporary closures of the Mining Cadastre by the Zambian Mines Ministry.

"I am very pleased that we have continued to make good progress in the negotiation of a transaction with Anglo American in respect of the proposed joint venture," Arc Chairman Nick von Schirnding said.

"We are also pleased with the progressive reforms being undertaken by President Hakainde Hichilema's administration and the Ministry of Mines. I look forward to moving swiftly to signing all the final agreements and to updating shareholders shortly."

Write to Ian Walker at ian.walker@wsj.com

(END) Dow Jones Newswires

February 07, 2023 03:53 ET (08:53 GMT)

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