Arc sells interest in DRC gold project as its focus shifts to copper
Aim-listed Arc Minerals will sell its 99.43% interest in Casa Mining, which holds a 73.84% interest in the Akyanga gold deposit, in the Democratic Republic of Congo, to Canadian private equity group Century Capital Management for up to $9.8-million.
The purchase price includes an initial $1.8-million in cash, as well as a further $2.5-million in cash should Casa’s minerals resource estimate increase to six-million ounces during the five-year period after the transaction closes.
Should Casa’s resource increase to nine-million ounces during the period, it will be entitled to a further $2.5-million cash payment. A further $3-million is also payable to Arc if the resource increases to 12-million ounces.
The transaction, which remains subject to certain conditions precedent, is expected to close before January 10, 2020.
“This is a major strategic milestone for Arc. The transaction brings significant cash resources to Arc and, at the same time, removes ongoing operational expenditure. Crucially, it allows us to focus on our exciting Zambian copper development, where we are making excellent progress both on drilling and commercially developing our plant.
“As I have set out many times, we are clear on our vision in turning Arc into a focused copper play – this is a major step forward and we will continue all efforts to dispose of the remaining noncore gold interest, namely Šturec, in Slovakia,” Arc chairperson Nick von Schirnding commented on Wednesday.
Article Enquiry
Email Article
Save Article
Feedback
To advertise email advertising@creamermedia.co.za or click here
Projects
Latest Multimedia
Latest News
Showroom
North Ridge Pumps is an independent manufacturer of pumps. We have a proven track record for product support and customer service throughout the...
VISIT SHOWROOM
FLANDERS Southern Africa provides integrated solutions for mining and industrial operations, covering field services, automation, electrification,...
VISIT SHOWROOM
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation
