Source: Sharecast
ARC's agreement between its subsidiary Unico Minerals and a division of Anglo, in respect of its Zambian mining tenements, has been terminated by mutual agreement following a "protracted period of no drilling activity during 2025", the company said.
Accordingly, Anglo has withdrawn from the joint venture and surrendered its interests, which were held through the JV company Handa Resources. Some $0.8m will be left in Handa's bank account, and Arc will resume control of that company.
"While we are sorry to part company with Anglo American, I am pleased that we revert to a controlling position in what is widely regarded as one of the most prospective copper tenements in Africa with only a fraction having been drilled to date. We will explore our options for these assets which may include a new joint venture partner," said Arc chair Nick von Schirnding.
Von Schrinding also commented on the ongoing legal dispute the company is facing in Zambia, saying: "We remain resolutely determined to complete the court processes underway in Zambia to deal with the improprieties carried out by an individual intent on holding the company to ransom which we naturally will not countenance."
The stock was down 48% at 0.55p by 1434 BST, down from Friday's close of 1.05p.