Arc Minerals Increases Stake in Zambia Copper Project

Arc Minerals (LSE:ARCM) has announced a further increase in its ownership of Zamsort Limited to 55 percent following the acquisition of a 6 percent interest from Terra Metals Limited.  Zamsort is developing a copper-cobalt project in north-west Zambia.

In addition, Arc holds a convertible loan note in Zamsort which is convertible into an additional 5.34% interest in the share capital of Zamsort.

Application has been made for the 17,500,000 Consideration Shares to be admitted to trading on the AIM market of the London Stock Exchange. Admission is expected to occur on or around 11 June 2018.

As quoted in the press release, executive chairman of Arc Minerals Nick von Schirnding said:

“This is a critical step forward in consolidating our ownership in Zamsort and to increase Arc’s exposure to this large and exciting copper-cobalt asset.  Today’s announcement is a clear demonstration that we are delivering rapidly on our stated strategy of developing two highly attractive projects of scale in Africa.  We are very close to commencing the planned drill programme at Zamsort and look forward to a period of strong newsflow for shareholders – both from Zamsort and Casa.”

Click here to view the full Arc Minerals (LSE:ARCM) press release.