Arc Minerals Ltd (LON:ARCM) has completed the first sale of copper concentrate from its Kalaba small scale demonstration plant in Zambia to a locally based Chinese customer at close to the market spot price.
After the sale of the 15 tonnes of concentrate, chairman Nick von Schirnding said this “goes some way to providing proof of concept” for processing and marketing near-surface oxide material through the plant, generating a future revenue stream for the company.
Arc is now assessing the commercial viability of mining higher grade near-surface oxide material from the Cheyeza East prospect at its Zamsort copper-cobalt project, which has shown grades at or exceeding 1-2% copper.
“I look forward to updating shareholders on this going forward as well as in the near term further assay results from our drilling campaign where we continue to see positive results within the drill core,” von Schirnding said.
Arc shares were up 11% to 3.24p on Thursday afternoon.