logo-loader
viewArc Minerals Limited

Arc Minerals boosts Zamsort stake to 55%

Arc is consolidating its control of a very promising copper operation in Zambia

1528181777_Arc---Zamsort.jpg
On the ground at Kalaba

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."

 

Quick facts: Arc Minerals Limited

Price: 2.75 GBX

AIM:ARCM
Market: AIM
Market Cap: £20.29 m
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

Kromek Group 'well-positioned to report its highest ever full year revenues'

Kromek Group PLC's (LON:KMK) Dr Arnab Basu caught up with Proactive London's Andrew Scott to discuss their interims to October 2019. Revenues reached a record £5.3mln in the period - the rapid growth of the top line came as the County Durham-based firm got moving on the £100mln of...

11 hours, 2 minutes ago

2 min read