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.
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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.