Arc Minerals increased its stake to 72.5% from 52.5% in the Zaco prospect. Credit: Alex Banner from Pixabay.

UK-based Arc Minerals has acquired another 20% stake in the Zaco prospect in Zambia, increasing its holding to 72.5% from 52.5% in exchange for Arc shares.

Arc Minerals noted that the remaining interest would be held by its Zamsort project partner Kopara Investments.

Go deeper with GlobalData

Data Insights

The gold standard of business intelligence.

Find out more

Related Company Profiles

View all

The additional stake has been acquired from Arc non-executive director and Zamsort project founder Mumena Mushinge through an all-equity deal for ten million new ordinary shares.

Mumena’s stake in the Arc will increase to 6.87% of the company.

The Zaco exploration licence covers a highly prospective area of 465km2. It is located adjacent to the Zamsort exploration license and comprises notable exploration targets including the Fwiji, West Lunga, Nyambwezu, Muswema South, and the Chihindi targets.

Arc Minerals executive chairman Nick von Schirnding said: “In line with our stated strategy, we are pleased to further consolidate our interest in Zaco and we regard this significantly increased interest as an important strategic step for Arc Minerals.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

“We are now fully funded for our exploration programme for both the Zamsort and Zaco licenses and we are excited to start drilling the various targets. At Zaco, we will initially focus our drilling programme at the Fwiji target.”

In November, Arc Minerals signed a binding sale and purchase agreement with Canadian private equity group Century Capital Management with respect to the sale of its 99.43% stake in Casa Mining.

In April last year, Arc Minerals commissioned the Kalaba Demonstration Pilot Plant, which will initially produce copper cobalt sulphide concentrate.