Arc Minerals, Anglo American in Final Stages of Zambia JV Pact
07 February 2023 - 8:08PM
Dow Jones News
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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