Anglo pays another $1m to Arc in Zambian JV
London-listed Arc Minerals has received another $1-million payment from Anglo American as part of the joint venture (JV) the companies have in Zambia.
The payments are being received by Arc on behalf of its subsidiary Unico Minerals, with Arc retaining 67% of the amounts received.
The balance of payments is paid to another Unico shareholder.
Arc earlier in November observed copper mineralisation at all targets drilled on the jointly owned project, with priority targets having been identified for further investigation.
Arc entered into the JV with Anglo on its Zambian copper project comprising licences extending over 870 km2 in the North Western province of the country.
The JV is held 70% by Anglo in return for up to $88.5-million in aggregate investment and 30% by Unico Minerals, with Arc holding 67% of Unico.
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