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.