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Arc Minerals sells holding in Andiamo Exploration to AMED Funds

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”

Pound notes
Arc is continuing its strategy of selling non-core assets

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.

Quick facts: Arc Minerals Limited

Price: 2.6 GBX

AIM:ARCM
Market: AIM
Market Cap: £19.19 m
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