Arc Minerals Limited (AIM:ARCM) has regained full control of its Zambian copper assets following the agreed termination of its joint venture with Anglo American.
The companies mutually ended their partnership over Zambian mining tenements held through Handa Resources Limited, after an extended period of inactivity. Anglo American has surrendered its interests, leaving around US$800,000 in Handa’s accounts.
Executive chairman Nick von Schirnding said the decision allows Arc to move forward independently.
“While we are sorry to part company with Anglo American, I am pleased that we revert to a controlling position in what is widely regarded as one of the most prospective copper tenements in Africa,” he said.
Arc Minerals now plans to explore strategic options for the licences, which may include a new joint venture partner.
The company noted that, given its current cash position, no equity raise is anticipated in the near term.