Arc's exclusivity agreement with Anglo lapses
Aim-listed Arc Minerals’ exclusivity agreement with Anglo American, signed in July 2020, has lapsed.
Arc’s two subsidiaries, Zamsort and Zaco, in July 2020 signed a confidentiality and exclusivity agreement with a subsidiary of Anglo in respect of its copper exploration licences in Zambia.
The company on July 9 said discussions with Anglo have been positive and continue.
Further, against a backdrop of very strong copper fundamentals, Arc has been approached by a number of interested groups to start discussions regarding a potential commercial transaction, it added.
Arc has undertaken extensive exploration drilling in Zambia in its study of a near-term copper opportunity.
"As we have always said, any transaction has to sufficiently compensate Arc shareholders for allowing a major to take over an asset which we believe has significant potential to become a major tier-one copper discovery.
“We will continue our discussions with Anglo, which have been going well, but will also commence discussions with other major mining companies that have approached us. In the meantime, we continue with our very exciting drill programme and development of the Cheyeza East plant, against the backdrop of a very strong copper market,” chairperson Nick von Schirnding stated.
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