Arc Minerals Ltd (LON:ARCM) said the year was one of considerable change and progress for the company as it increased its’ interest in Zamsort Limited from 14% to 66%, giving it control of a significant copper opportunity in Zambia.
The company advanced US$3.4mln to Zamsort to finance, along with its equity partner, approximately US$1.25mln of drilling and assaying and approximately UD$1.5mln of upgrades and refurbishment to the demonstration plant as well as road and camp infrastructure.
The company also acquired considerable exploration acreage adjacent to Zamsort.
With the acquisition of Casa Mining in the Democratic Republic of Congo and the boost to resource ounces there to three million, group total assets increased to £35.2mln, and net assets increased £30.0mln.
The loss for the period from continuing operations was £6.3mln.