LONDON - Arc Minerals Ltd (LSE:ARCM), an exploration company, announced today that its joint venture with a subsidiary of Anglo American (JO:AGLJ) in Zambia, Handa Resources Limited, has received formal approval for a large scale mining license from the Zambian Ministry of Mines and Mineral Development.
The license, numbered 33404-HQ-LML, is one of the three large scale mining license applications previously announced on June 17, 2024, and November 5, 2024. The company also noted that the other two applications, 33402-HQ-LML and 33403-HQ-LML, are now reinstated on the Zambian Mining Cadastre Portal.
Nick von Schirnding, Executive Chairman of Arc Minerals, expressed gratitude towards the Zambian officials for their support and highlighted the strategic advantage of holding a significant license in a globally prospective area for copper. He also mentioned the company's anticipation to report on upcoming drilling plans and results.
Arc Minerals' engagement in Zambia involves a Joint Venture Agreement with Anglo American on the Zambian Copper Project (ZCP), which covers approximately 870 square kilometers in the Domes region of the Zambian Copperbelt. The licenses are located near major mines operated by First Quantum Minerals (OTC:FQVLF), Barrick Gold (NYSE:GOLD), and others.
The joint venture agreement outlines a phased investment by Anglo American, which includes cash payments and exploration expenditures that could total up to $88.5 million, granting Anglo American up to a 70% interest in the ZCP through three phases of investment.
The company's announcement is based on a press release statement and contains forward-looking statements that involve risks and uncertainties. These statements are not guarantees of future performance and should not be relied upon as such.
Arc Minerals is responsible for the content of this announcement, and no endorsement of their claims is implied. The information is now in the public domain following the release via Regulatory Information Service. Further details on the company and its projects can be found on their official website.
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