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Arc Minerals soars as it appoints Zamsort founder as non-executive director

The firm said Mumena Mushinge would join the board with immediate effect, adding that he had been involved in a number of significant projects with local and international mining groups in Zambia

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Arc owns a 66% stake in Zamsort

Shares in Arc Minerals Limited (LON:ARCM) soared in late-morning trading Tuesday after it appointed the founder of Zamsort Limited to its board as a non-executive director.

The exploration firm said Mumena Mushinge would join the board with immediate effect, adding that he had been involved in a number of significant projects with local and international mining groups in Zambia, where Arc’s copper-cobalt project is located.

WATCH: Arc Minerals Ltd identifies significant new targets at Zamsort

Arc owns a 66% stake in Zamsort, which operates the project in the country covering 407 square kilometres of exploration ground under license.

Nick von Schirnding, executive chairman of Arc, said Mumena brought “a wealth of experience in respect of mining projects and operating in Zambia”, adding that the appointment balanced the composition of the board given the company’s significant exposure to the country.

Shares were up 13.1% at 3.4p.

Quick facts: Arc Minerals Limited

Price: 2.6 GBX

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