Proactiveinvestors RSS feed en Wed, 19 Sep 2018 21:08:58 +0100 Genera CMS (Proactiveinvestors) (Proactiveinvestors) <![CDATA[Media files - Arc Minerals reports strong results from early drilling at Kalaba in Zambia ]]> Tue, 11 Sep 2018 12:47:00 +0100 <![CDATA[News - Arc Minerals intersects extensive copper-cobalt mineralisation in exploration at Kalaba ]]> Arc Minerals LTD (LON:ARC) has intersected extensive copper and cobalt mineralisation in drilling at the Kalaba prospect in Zambia, part of the larger Zamsort project.

All four of the reverse circulation holes drilled intersected copper and cobalt mineralisation.

READ: Arc Minerals Ltd sees significant upside at Zambian copper asset

Among the highlights were 20 metres at 1.31% copper equivalent, 25m at 1.24% copper equivalent, and 26 metres at 1.10% copper equivalent.

In addition, 19 diamond drill holes have been completed with initial assays expected shortly.  

"I am very pleased with these excellent initial assay results of the drilling programme,” said executive chairman Nick von Schirnding.

“These early results from RC drilling clearly demonstrate the large tonnage and commercial grade potential of the Kalaba prospect. The results from these first four RC holes present encouraging copper and cobalt mineralisation with intercepts starting from surface. Our updated geological model is indicating that the potential resource at Kalaba may be significantly larger than we had anticipated.”

‘House’ broker SPAngel reiterated a ‘strong buy’ on Arc Minerals, having upgraded their rating from ‘buy’ on August 14.

In their note today, the broker’s analysts’ said: “These are very encouraging results indicating a significantly larger cobalt/copper mine at Kalaba than previously envisaged.

“We look forward to being able to estimate a significantly larger tonnage of mineralised material from the next set of assay results in the short term.”

 -- Adds analyst comment --

Tue, 11 Sep 2018 07:58:00 +0100
<![CDATA[RNS press release - Intersects extensive copper cobalt mineralisation ]]> Tue, 11 Sep 2018 07:00:18 +0100 <![CDATA[RNS press release - Directors' Dealing ]]> Mon, 20 Aug 2018 18:20:01 +0100 <![CDATA[News - Arc Minerals posts profit as focus shifts to Africa ]]> Arc Minerals Limited (LON:ARCM) posted a profit in its latest full year, benefiting from its shift of emphasis to Africa.

The junior is now concentrating all its attention on the Zamsort copper and Misisi gold deposits in Zambia and the DRC respectively.

READ: Arc Minerals Ltd sees significant upside at Zambia n copper asset

Total assets increased by 72% to £27.4mln (£15.9mln) in the year to March, while Arc posted a £2mln profit as it booked a £10.5mln gain on the acquisition of 99.4% of Casa Mining, which owns Misisi.

Arc also now owns 66% of Zamsort following a share exchange after the year-end.

The group’s Sturec gold assets in Slovakia have been reclassified as held for sale assets and their carrying value written down by 50% to £6.7mln.

Talks are underway to sell Sturec said Arc, while a non-binding agreement has been reached with AMED Funds for the sale of its interest in Andiamo for US$532,000.

Akyanga, one of the deposits at Misisi, is now of sufficient size to attract a third-party partner believes Arc.

A recent drill campaign doubled the resource to 3 mln ounces of gold at a grade of 2.16 g/t.

Drilling has now shifted to Kalaba at Zamsort.

A demonstration plant is scheduled to be in operation by the end of the year followed by a maiden resource after completion of an 11,000m programme.


Mon, 20 Aug 2018 07:51:00 +0100
<![CDATA[RNS press release - 2018 Annual Report and Financial Statements ]]> Mon, 20 Aug 2018 07:07:38 +0100 <![CDATA[News - Arc Minerals excites investors as it updates on Kalaba exploration ]]> Arc Minerals Ltd (LON:ARCM) shares advanced as it revealed the findings of a drill programme on the Kalaba prospect, part of the Zamsort copper-cobalt project.

The company said the programme is progressing well, with ten drill holes to date completed for a total of 1,435 metres.

WATCH: Arc Minerals ups stake in Zamsort, kicks off new drilling

First results are expected over the next few weeks, though the company said that three holes had intersected visible mineralisation for more than 80 meters - in one of those holes, the mineralisation started six metres from surface.

"I am very pleased with the progress of the drilling programme to date,” said Nick von Schirnding, executive chairman.

“A number of holes have intersected pervasive mineralisation with visible copper and cobalt over thicknesses of 80m which is particularly exciting. 

“I look forward to updating on the progress of the initial assay results as well as the RC drilling programme which will commence imminently."

Arc told investors that it is currently working on the logging, core cutting as well as sample preparation and sending the samples to the laboratory for multi-element testing.

In London, Arc shares gained 0.51p or 12.18% changing hands at 4.74p.

Tue, 14 Aug 2018 13:08:00 +0100
<![CDATA[RNS press release - Kalaba Drilling Programme Update ]]> Tue, 14 Aug 2018 12:26:53 +0100 <![CDATA[News - Arc Minerals reports visible copper and cobalt indications at Kabala in Zambia ]]> Arc Minerals Limited (LON:ARCM) has noted visible signs of copper and cobalt from early-stage drilling at Kabala in Zambia.

Kalaba is part of the company’s Zamsort project. Arc is drilling to produce both ores for a pilot plant and a maiden resource estimate for the deposit. Five holes have been drilled so far using two diamond drill rigs. A third rig is expected to start drilling within the next two weeks.

Nick von Schirnding, Arc’s executive chairman, said the programme was going well, albeit at an early stage, while it is also trialling ground penetrating radar as a potential way to hone drill targets in future.

Wed, 01 Aug 2018 07:39:00 +0100
<![CDATA[RNS press release - Kalaba Drilling Programme Update ]]> Wed, 01 Aug 2018 07:00:04 +0100 <![CDATA[Media files - Arc Minerals ups stake in Zamsort, kicks off new drilling programme ]]> Thu, 12 Jul 2018 11:36:00 +0100 <![CDATA[News - Arc Minerals begins drilling programme at Zamsort project as it ups stake ]]> Arc Minerals Limited (LON:ARCM) said it has commenced drilling at the Zamsort Copper Cobalt project in Zambia, while also upping its stake in the project by 5%.

The AIM-listed mine developer said the 11,000m drilling programme would consist of 6,600m diamond drill and 4,400m RC drilling which is aiming to delineate a shallow oxide resource for a commercial scale demonstration plant currently being optimised, as well as to establish a maiden resource estimate at the Kalaba Copper Cobalt area, where the Zamsort project is located.

WATCH: Arc Minerals ups stake in Zamsort, kicks off new drilling programme

Arc added that it had also acquired a further 5% stake in Zamsort in a share exchange that would increase its holding in the company to 66%, with Kopara Investments the only other shareholder with 34%.

Following on from this, the firm said it had agreed with Kopara to fund all future expenditure at Zamsort on a pro-rata basis based on their shareholdings.

Nick von Schirnding, executive chairman of Arc Minerals, said: "This is a yet another step forward in consolidating our ownership in Zamsort and to increase Arc's exposure to this large and exciting copper-cobalt asset. I am also pleased to note that we have agreed a funding structure with our joint venture partners.”

In early afternoon trading Wednesday, Arc Minerals shares were up 1.7% 4.3p.

-- Adds share price --

Wed, 11 Jul 2018 07:49:00 +0100
<![CDATA[RNS press release - Start of Drilling; increase of Zamsort ownership ]]> Wed, 11 Jul 2018 07:00:04 +0100 <![CDATA[RNS press release - Arc Minerals Investor Seminar - Revised Time ]]> Mon, 09 Jul 2018 15:00:02 +0100 <![CDATA[RNS press release - Arc to Present at Zambia Mining Conference ]]> Mon, 09 Jul 2018 07:00:05 +0100 <![CDATA[RNS press release - Arc Minerals Investor Presentation Evening ]]> Tue, 03 Jul 2018 07:00:11 +0100 <![CDATA[Media files - Updated resource at Akyanga a 'game-changer' for Arc Minerals Limited ]]> Thu, 28 Jun 2018 11:53:00 +0100 <![CDATA[News - Arc Minerals reports 3mln ounce gold mineral resource at Akyanga deposit ]]> Arc Minerals Limited (LON:ARCM) has reported 3mln ounce gold mineral resource at the Akyanga Deposit, part of its Casa project, located in the eastern part of the Democratic Republic of Congo.

The AIM-listed miner said 3mln ounces of gold averaging 2.16grams per tonnes were reported at Akyanga deposit.

READ: Arc Minerals sells holding in Andiamo Exploration to AMED Funds

The company said that near-term exploration target of a further 200,000 to 600,000 ounces of gold in the Akyanga east area has been set, together with further exploration targets along the 55km gold belt within its 133km² mining licence.

Nick von Schirnding, ARC's executive chairman, commented: "The increase in Akyanga's JORC mineral resource from 1.6m ozs to 3m ozs is a game-changer for us and has exceeded our most optimistic expectations.”

He added: “The increased ounces and grade has the potential to significantly enhance the economics of developing the mine. We shall now commence with a scoping study, targeting a 150koz-200koz per annum low cost gold operation, to be completed by year end.”

“Our ability to upgrade this significant, near-surface gold deposit in such a short timeframe clearly demonstrates the largely untapped potential of both the Akyanga project and the 55km long gold belt within our 133km2 mining license area,” Nick von Schirnding said.

Thu, 28 Jun 2018 08:00:00 +0100
<![CDATA[RNS press release - Akyanga Resource Update ]]> Thu, 28 Jun 2018 07:00:06 +0100 <![CDATA[News - Arc Minerals sells holding in Andiamo Exploration to AMED Funds ]]> Arc Minerals Limited (LON:ARCM) has sold its 18.48% shareholding in Andiamo Exploration Limited to AMED Funds, an African focused mining private equity group.

The AIM-listed miner said it had sold the stake for US$532,000 in cash, with executive chairman Nick von Schirnding saying the sale represented a “major step forward” in delivering the firm’s strategy of selling non-core assets.

READ: Arc Minerals increases interest in Zamsort to 61% and appoints new drilling contractor

The news follows an announcement earlier in June when Arc said it had increased its ownership of Zamsort Limited to 61% following the acquisition of an additional 6% interest from two separate shareholders of Zamsort.

In early afternoon trading Tuesday, Arc Minerals shares were up 2.7% at 3.7p.

Tue, 26 Jun 2018 13:47:00 +0100
<![CDATA[RNS press release - Sale of Non-Core Asset ]]> Tue, 26 Jun 2018 13:29:18 +0100 <![CDATA[News - Arc Minerals increases interest in Zamsort to 61% and appoints new drilling contractor ]]> Arc Minerals Ltd (LON:ARCM) has increased its ownership of Zamsort Limited to 61%, following the acquisition of an additional 6% interest from two separate shareholders of Zamsort and appointed a new drilling contractor.

The AIM-listed firm said it will issue 12mln new ordinary shares of no par value in the company to the vendors for the acquisition of the additional 6% interest in Zamsort. These shares are subject to a hard lock-in period of 12 months.

READ: Arc Minerals boosts Zamsort stake to 55%

Arc Minerals said the vendors shall be issued with a warrant over a total of 2.5mln new ordinary shares of no par value of the company with an exercise price of 6 pence per ordinary share.

This represents an approximate 40% premium over the closing mid-market price of 4.2 pence per Ordinary Share on 15 June 2018.  The Share Warrant is exercisable from 18 June 2018 and expires on 18 June 2020. 

In addition, Arc Minerals also holds a convertible loan note in Zamsort which is convertible into an additional 5.34% interest in the share capital of Zamsort.

Arc Minerals has also appointed a highly experienced Zambian based drilling contractor with significant experience in the Zambian Copperbelt. The first of three drill rigs is due to arrive on site this week and the remaining two drill rigs are expected to arrive shortly after.

Nick von Schirnding, executive chairman of Arc, said: “A comprehensive drilling programme at Zamsort is due to begin imminently and we are extremely excited at the prospect of unlocking the significant value which we believe to be inherent within this highly sought after Zambian copper-cobalt asset.”



Mon, 18 Jun 2018 07:36:00 +0100
<![CDATA[RNS press release - Increase of interest in Zamsort to 61% ]]> Mon, 18 Jun 2018 07:00:04 +0100 <![CDATA[RNS press release - Don Bailey Options Awards ]]> Wed, 13 Jun 2018 07:00:08 +0100 <![CDATA[RNS press release - TR-1 Notification: Mrs Ann Gloag ]]> Mon, 11 Jun 2018 14:00:04 +0100 <![CDATA[Media files - ARC Minerals takes controlling stake of Zamsort Limited ]]> Tue, 05 Jun 2018 10:38:00 +0100 <![CDATA[News - Arc Minerals boosts Zamsort stake to 55% ]]> Arc Minerals Ltd (LON:ARCM) has increased its ownership of Zamsort Limited, following the acquisition of a 6% interest from Terra Metals Limited.

Zamsort is developing the Kalaba copper-cobalt project in north-west Zambia, which is just a few months away from initial production. 

WATCH: ARC Minerals takes controlling stake of Zamsort Limited

The acquisition of the additional 6% stake in Zamsort is on the same commercial terms as Arc’s acquisition of a 35% stake in a deal announced on 15 May 2018.

The company will issue 17.5mln shares to complete the acquisition. These shares are also subject to a hard lock-in period of 12 months. 

In addition, Arc holds a convertible loan note in Zamsort which is convertible into an additional 5.34% interest in the share capital of Zamsort.

"This is a critical step forward in consolidating our ownership in Zamsort and to increase Arc's exposure to this large and exciting copper-cobalt asset,” said Arc’s executive chairman Nick von Schirnding.

“Today's announcement is a clear demonstration that we are delivering rapidly on our stated strategy of developing two highly attractive projects of scale in Africa. We are very close to commencing the planned drill programme at Zamsort and look forward to a period of strong newsflow for shareholders - both from Zamsort and Casa."


Tue, 05 Jun 2018 07:52:00 +0100
<![CDATA[RNS press release - Arc Minerals increases Zamsort ownership to 55% ]]> Tue, 05 Jun 2018 07:00:07 +0100 <![CDATA[News - Arc Minerals shares jump as it appoints former Rio Tinto mining boss as new director ]]> Arc Minerals Ltd (LON:ARCM) shares rose on Thursday morning as the firm announced the appointment of former Rio Tinto PLC (LON:RIO) mining boss Don Bailey as its new director effective from 1 June 2018.

The AIM-listed firm said his primary responsibility will be to lead the development of Zamsort’s commercial-scale demonstration plant processing copper and cobalt as well as to help drive strategy with regard to developing Zamsort into a world-class copper/cobalt opportunity.

READ: Scottish billionaire buys into Arc Minerals, following Zamsort deal

Arc Minerals said Don Bailey, a former head of mining operations for Rio Tinto in Africa, South America and Europe, spent 30 years with Rio Tinto where he was responsible for the development of numerous major international projects and was a director of a number of Rio Tinto international companies.

Nick von Schirnding, executive chairman of the company, commented: “Since late last year I have been working closely with Don and I have been greatly impressed by his drive and energy.”

 He added: “I am delighted to strengthen our team with Don's arrival and look forward to reporting back to shareholders with further progress going forward."

In morning trading, Arc Minerals shares rose 8.8% to 3.70p.


Thu, 31 May 2018 09:54:00 +0100
<![CDATA[RNS press release - Appointment of New Director ]]> Thu, 31 May 2018 07:00:07 +0100 <![CDATA[RNS press release - Directors' Dealing ]]> Wed, 23 May 2018 07:00:11 +0100 <![CDATA[News - Scottish billionaire buys into Arc Minerals, following Zamsort deal ]]> Ann Gloag, co-founder of Stagecoach Group and the richest woman in Scotland has bought a 3% stake in Arc Minerals Ltd (LON:ARCM).

Gloag bought the shares in the recent placing, which allowed Arc to boost its stake in the Zamsort copper-cobalt asset in Zambia to 49%.

Read: Arc Minerals moves to within six months of copper-cobalt production as it takes control of Zamsort

“I was happy to participate in Arc Minerals’ recent share placing in support of the board’s growth plans including the development of the Zamsort Copper Cobalt project in Zambia,” she said. 

“I have long believed in the regeneration of Africa through investment and commercial development and have supported this through both my charitable and commercial activities. My investment in Arc Minerals is fully aligned with this philosophy.”

Nick von Schirnding, Arc's executive chairman commented: “I welcome Ann Gloag as a major shareholder in Arc. We are at a very exciting juncture and am confident that as we deliver on our strategy we will generate significant value for all our stakeholders.”

By mid-morning trading, Arc Minerals' shares had jumped 12.7% higher to 3.1p.

 -- Adds share price --

Tue, 22 May 2018 08:15:00 +0100
<![CDATA[RNS press release - Notification of Major Shareholding-Mrs. Ann Gloag ]]> Tue, 22 May 2018 07:00:11 +0100 <![CDATA[RNS press release - Directors' Dealing ]]> Fri, 18 May 2018 07:00:05 +0100 <![CDATA[RNS press release - Grant of Warrants ]]> Wed, 16 May 2018 17:16:18 +0100 <![CDATA[Media files - Arc Minerals takes control of Zamsort in 'game-changing' deal ]]> Tue, 15 May 2018 09:33:00 +0100 <![CDATA[RNS press release - Acquisition and Placing of Equity ]]> Tue, 15 May 2018 07:00:06 +0100 <![CDATA[News - Arc Minerals moves to within six months of copper-cobalt production as it takes control of Zamsort ]]> “For us, this is a big game-changer,” says Nick von Schirnding of Arc Minerals Ltd (LON:ARCM).

Arc has just moved to acquire an additional 35% of Zamsort Ltd, a company that controls the Kalaba copper-cobalt project in Zambia. Combined with a convertible loan note for 5% more, that takes Arc’s total holding to 54%, and it could go higher if further purchases took place.

“We now have two projects under our control,” continues von Schirnding, “and a significant exposure to cobalt.”

WATCH: Arc Minerals takes control of Zamsort in 'game-changing' deal

The other project comes through Arc’s 91.4% of CASA Mining, a company that in turn has a 71.25% interest in 1.5mln ounces of gold at Akyanga in the Democratic Republic of Congo.

But while Akyanga is still some way from a production decision, Kalaba is another matter entirely.

There, Arc is just six months away from delivering saleable product from a commercial scale demonstration plant.

And for a company that has spent years juggling development projects, that’s likely to make a huge difference.

For one thing, sentiment will surely improve now that equity fundraisings won’t periodically be required just to keep the lights on. When shareholders are tapped, it’ll be for value accretive reasons only.

But more significant than that is the position Arc has now secured for itself in one of the most prospective copper mining provinces in the world, the ‘Domes’ area of the famous Copperbelt.

The wider exploration footprint of Kabala includes nine of the thirty high priority targets identified by Anglo American and Equinox when they ran a joint venture that encompassed this same ground in the late 1990s.

“It’s definitely an exciting footprint,” says von Schirnding.

Discoveries in Zambia

Investors interested in how discoveries of this kind in Zambia play out might care to cast their minds back to the end of the last decade when Colin Bird’s Kiwara Resources sold out to First Quantum for US$260mln.

Kiwara’s Kalumbila project is now First Quantum’s Sentinel mine, slated to produce 220,000 tonnes of copper this year, and with a mine life stretching out at least 15 years.

More to the point though, it’s just to the south of Arc’s Kalaba project sitting on the other end of the 100 kilometre by 40 kilometre geological structure known as the Kabompo Dome.

When Colin Bird was working up the area it was fairly new in the consciousness of exploration geologists. Now, it’s well established. And the only reason more work hasn’t been done on the 1,000 square kilometres of ground Zamsort has under licence is that the project has till now been held up by the complexity of its ownership structure and a shortage of available funds.

Markets now open to exploration

After a long hiatus, markets are now open to exploration companies and ideas once more, but because of a separate four square kilometre production license within the wider exploration ground, the funding risk is anyway likely to be reduced.

Arc is paying just over 102mln shares for the 35% of Zamsort it’s buying from Terra, so existing cash resources won’t be depleted by the deal.

For that money it gets control of an existing plant, currently in the final stages of production, 10,000 tonnes of screened ore grading 3.5% copper that’s ready for processing, plus a non-JORC resource amounting to 16.59mln tonnes at 0.94% copper.

Von Schirnding reckons Arc can put the Kalaba plant into production for as little as US$500,000, and that it will generate significant revenue thereafter.

How much depends on how much more of that near-surface oxide ore the company can identify. Historical exploration targets put the total at least 150mln tonnes.

But there could be more.

Accordingly, Arc now plans to have a closer look at the ground it now controls.

“There could be some near-term wins from drilling inside the production license,” says von Schirnding.

READ: Ortac’s name change to Arc Minerals signifies a new dynamism

But there are also plans afoot to have a look at the wider ground. After all, the potential of the targets that have already been identified is significant. Of Anglo’s historical thirty targets, the seven best lie on Arc’s ground, and it’s worth noting that First Quantum’s now-producing Sentinel mine was ranked much lower, at 22.

So, verification of targets with geochemistry will likely be followed by drilling.

How that gets funded remains an open question. There’s the upcoming cashflow of course. But that may not cover the scale of Arc’s exploration ambitions.

“We have to be tactical how we fund this,” says von Schirnding. “There’ll be no shortage of partners for this project if we want them.”

He has his own routes into family offices and private equity groups. But it’s likely that as Arc consolidates as a two project company the company will weigh its options carefully.

After all, as important as it is to get funded, it’s also important not to give away too much upside.

“This could be worth multiples of what it is today,” says von Schirnding.

Next stop, cash flow

Tue, 15 May 2018 07:00:00 +0100
<![CDATA[RNS press release - Blocklisting Six Monthly Return ]]> Thu, 10 May 2018 07:06:38 +0100 <![CDATA[News - Arc Minerals starts soil sampling to build resource at Akyanaga ]]> Arc Minerals Limited (LON:ARCM) has started a  comprehensive soil sampling programme to test the potential for gold between Akyanga and Akyanga East in the DRC.

The objective is to test for Akyanga deposit-type stratigraphy, which, if proven, could host significant additional gold mineralisation

Nick von Schirnding, Arc Minerals' executive chairman, said: "Our current drilling programme continues to intersect broad and high-grade mineralisation to the south of the Akyanga Deposit and the geology remains open in multiple directions.

"The area in-between the Akyanga Deposit and the Akyanga East Prospect has not been systematically explored and the aim of the current soil sampling programme is to generate some high-quality drill targets with the aim to expand the current resource envelope to the east as well as the south.

Akyanaga currently has a 1.57Moz gold resource.

Tue, 27 Feb 2018 11:02:00 +0000
<![CDATA[RNS press release - Initiation of Soil Sampling Programme ]]> Tue, 27 Feb 2018 07:00:06 +0000 <![CDATA[RNS press release - UPDATE ON THE OFFER FOR CASA MINING LIMITED ]]> Mon, 12 Feb 2018 13:56:21 +0000 <![CDATA[RNS press release - Settlement of Major Liability ]]> Wed, 31 Jan 2018 07:00:03 +0000 <![CDATA[RNS press release - Over 100 g/t Au assayed at Akyanga ]]> Tue, 30 Jan 2018 07:00:02 +0000 <![CDATA[News - Ortac plans to expand and speed up drilling after further encouraging gold assay results from Akyanga deposit ]]> Ortac Resources PLC (LON:OTC) has announced plans to expand and speed up its drilling after further encouraging gold assay results from its Akyanga deposit, the most advanced project at the CASA licence in the eastern Democratic Republic of Congo (DRC).

In a statement, the AIM-listed firm said the current infill and expansion drill program continues to confirm the structural and geological interpretation of the deposit, with over 3,500 metres drilled to date.

READ: Ortac’s name change to Arc Minerals signifies a new dynamism in its African focus

Following a detailed review of the results to date, the group said it has been decided to deploy a third diamond drill rig which should result in a 30% increase in the amount of metres drilled per month, thereby reducing the all-in cost for every metre drilled.

Nick von Schirnding, Ortac's executive chairman, commented: “Today's results confirm the downdip continuity of the mineralisation by a further 100 meters and also confirm the high grade nature of the deposit which has so far surpassed our expectations."

READ: Ortac’s stake in Casa Mining increases, offer still open

Ortac also confirmed that shares will start trading under its new name, Arc Minerals Limited from January 22.

Thu, 18 Jan 2018 07:38:00 +0000
<![CDATA[RNS press release - Additional Drill Rig to Expedite CASA Programme ]]> Thu, 18 Jan 2018 07:00:04 +0000 <![CDATA[News - Arc Minerals Ltd sees significant upside at Zambian copper asset ]]> Ortac’s change of name to Arc Minerals Ltd (LON:OTC) was the culmination of a significant chapter in the company’s development, that was first heralded by the appointment of Nick von Schirnding to the board in January of 2017.

Von Schirnding was subsequently elevated to the position of executive chairman in October of that year, and along the way has brought with him new board appointments and a new focus on Africa.

WATCH: From Ortac to Arc Minerals..floating a new name

Ortac’s old Slovakian project, which came with a heavy legacy of social issues, will now be divested, while the Misisi gold project in the Democratic Republic of Congo and the Kalaba copper-cobalt project in Zambia move to centre stage.

Arc Minerals has now completed the acquisition of the vehicle that controls Misisi, Casa Mining, and one of von Schirnding’s first moves was to appoint Casa founder Jonathan de Thierry to the Arc board.

He joins recent appointee, Brian McMaster, a long-time colleague of von Schirnding at Garrison Capital, the well-known incubator behind junior miners such as Harvest Minerals (LON:HMI) and Jangada Mines (LON:JAN).

Together, they form a formidable team to take Arc forward to the next stage.

Taking centre stage is the Kalaba copper project in Zambia, control of which Arc has recently consolidated. This project is currently the subject of a 11,000 metre drill campaign, but perhaps more significant for the near-term there is a substantially complete copper-cobalt processing plant on site. First saleable product is expected this year, albeit on a fairly small scale from stockpiles and an initial open pit operation. 

Meanwhile, recent work has now boosted the resource at the Akyanga deposit on Misisi in the Democratic Republic of Congo to 3mln ounces of gold at 2.16 grammes per tonne.

READ: Ortac Resources hits more gold at good grades at Akyanga deposit in DRC

This work is being undertaking on a securer footing than the company had hitherto been accustomed to. Whereas during the mining bear market, it sometimes seemed as though Ortac was running on fumes, and raising tiny scraps of cash here and there, von Schirding has brought a whole new dynamic, helped along the way by better markets.

He recently raised money from Scotland's richest woman, and all told his fundraising efforts have a far more institutional flavour to them. 

So, the money’s in. The new board’s in place. Progress at Misisi and Kalaba is ongoing.

The market capitalisation is currently just under £30mln, significantly higher than where it was at when von Schirding joined. . 

Mon, 15 Jan 2018 09:54:00 +0000
<![CDATA[Media files - From Ortac to Arc Minerals..floating a new name ]]> Fri, 12 Jan 2018 08:45:00 +0000 <![CDATA[RNS press release - Notice of Name Change ]]> Fri, 12 Jan 2018 07:00:03 +0000 <![CDATA[News - Ortac’s stake in Casa Mining increases, offer still open ]]> Ortac Resources Ltd's(LON:OTC) stake in Casa Mining has increased from 84.7% to 87.4%, as the company continues with its offer to acquire all the issued shares of Casa.

Casa Mining holds potentially lucrative gold ground in the Democratic Republic of Congo which already boasts a significant resource.

READ: Ortac Resources focused on gold potential in DRC

If Ortac’s offer is accepted by all shareholders of Casa, then a total of 100 mln new ordinary shares will be issued to Casa shareholders.

On 10 November 2017, Ortac made an application for a block admission of 100,000,000 New Ordinary Shares to trade on the AIM market of the London Stock Exchange plc and these shares were admitted to trading on AIM on 15 November 2017.

To date, Ortac has issued 77,597,646 New Ordinary Shares pursuant to the acquisition of Casa and the Offer, so up to 22,402,354 New Ordinary Shares potentially remain to be issued under the Block Admission.

READ: Ortac moving closer to full ownership of Casa Mining

The offer remains open until 10 May 2018 and acceptances continue to be received daily.

Wed, 10 Jan 2018 08:01:00 +0000