Arc Minerals Limited (AIM:ARCM) has said it is continuing to make progress with joint venture negotiations in regard to its copper properties in north-west Zambia.
Under the terms of a proposed joint venture deal with a subsidiary of Anglo American, Anglo will have the right to retain up to 70% ownership in the joint venture.
The parties are currently closing out remaining due diligence, technical and structure issues, and talks on these matters are expected to be concluded in the next few weeks.
As such, the parties have therefore agreed to a short extension of the exclusivity period to 31 March 2023 to allow for final internal approvals and signing of the definitive Joint Venture Agreement and ancillary documents.
"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,” said Arc’s chairman Nick von Schirnding in a statement.
“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," he added.