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RNS Number : 8878W
Arc Minerals Limited
20 April 2023
The following amendment has been made to the Zambian Joint
Venture Agreement Signed with Anglo American' announcement released
on 20 April 2023 at 7.00 am under RNS No 8853W.
Arc Minerals' shareholding in Unico Minerals Limited has been
corrected from 66% to 67%.
All other details remain unchanged.
The full amended text is shown below.
20 April 2023
Arc Minerals Ltd
('Arc Minerals' or the 'Company')
Zambian Joint Venture Agreement Signed with Anglo American
Arc Minerals is pleased to announce that through its subsidiary,
Unico Minerals Limited (Arc Minerals 67% shareholding, with the
balance held by Kopara Investments Ltd), it has signed a binding
joint venture agreement with a subsidiary of Anglo American plc
("Anglo American") (the "Joint Venture Agreement") in respect of
its copper interests in North Western Zambia (the "Joint Venture").
Under the Joint Venture Agreement, Anglo American will have the
right to retain up to 70% shareholding in the Joint Venture company
based on previously announced exploration expenditures. The Joint
Venture Agreement, including related investments and cash payments,
is subject to certain conditions precedent being satisfied,
including normal regulatory approvals in Zambia.
All other substantive commercial terms of the proposed Joint
Venture remain unchanged from those previously announced on 12 May
2022.
Nick von Schirnding, Executive Chairman of Arc Minerals,
commented:
"I am very pleased that we have signed a binding Joint Venture
Agreement with Anglo American, a major turning point for Arc
Minerals. Upon closing this will see the recommencing of the
exploration campaign by the Joint Venture under the management of
Anglo American, a renowned industry leader, whom we are delighted
to be partners with going forward.
"I look forward to updating shareholders on progress over the
coming months."
Market Abuse Regulation (MAR) Disclosure
This announcement contains inside information for the purposes
of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it
forms part of UK domestic law by virtue of the European Union
(Withdrawal) Act 2018 ("MAR"), and is disclosed in accordance with
the Company's obligations under Article 17 of MAR.
Arc Minerals is solely and entirely responsible for the contents
hereof. Neither Anglo American nor any other person, accepts
responsibility for the adequacy or accuracy of this news
release.
AIM Rule 12 Disclosures
The following additional disclosures are being made in respect
of the Joint Venture Agreement pursuant to AIM Rule 12:
i) the assets subject of the Joint Venture incurred losses of
GBP53,000 for the period ended 30 June 2022;
ii) the assets subject to the Joint Venture had a book value of
GBP3.4 million at 30 June 2022;
iii) the proceeds from the transaction will be applied to costs
attributable to the negotiation, implementation and performance of
the Joint Venture Agreement, to advance the Company's Botswana
exploration assets, to fund activities for new project
acquisitions, and for general working capital.
**ENDS**
Contacts
Arc Minerals Ltd
Nick von Schirnding (Executive
Chairman) +44 (0) 20 7917 2942
SP Angel (Nominated Adviser &
Joint Broker)
Ewan Leggat / Adam Cowl +44 (0) 20 3470 0470
WH Ireland Limited (Joint Broker)
Harry Ansell / Katy Mitchell +44 (0) 20 7220 1666
Cautionary Note Regarding Forward-Looking Information
Certain statements and information herein, including all
statements that are not historical facts, contain forward-looking
statements and forward-looking information within the meaning of
applicable securities laws. Such forward-looking statements or
information include, but are not limited to, statements regarding
future drilling and work programs at the Project. Often, but not
always, forward-looking statements or information can be identified
by the use of phrases or statements that certain actions, events or
results "will" occur or be achieved.
With respect to forward-looking statements and information
contained herein, the Company has made numerous assumptions
including among other things, assumptions about general business
and economic conditions, the prices of gold and copper, and
anticipated costs and expenditures. The foregoing list of
assumptions is not exhaustive.
Although management of the Company believes that the assumptions
made and the expectations represented by such statements or
information are reasonable, there can be no assurance that a
forward-looking statement or information herein will prove to be
accurate. Forward-looking statements and information by their
nature are based on assumptions and involve known and unknown
risks, uncertainties and other factors which may cause the
Company's actual results, performance or achievements, or industry
results, to be materially different from any future results,
performance or achievements expressed or implied by such
forward-looking statements or information. These factors include,
but are not limited to: risks associated with the business of the
Company; business and economic conditions in the mining industry
generally; the supply and demand for labour and other project
inputs; changes in commodity prices; changes in interest and
currency exchange rates; risks relating to inaccurate geological
and engineering assumptions (including with respect to the tonnage,
grade and recoverability of reserves and resources); risks relating
to unanticipated operational difficulties (including failure of
equipment or processes to operate in accordance with specifications
or expectations, cost escalation, unavailability of materials and
equipment, government action or delays in the receipt of government
approvals, industrial disturbances or other job action, and
unanticipated events related to health, safety and environmental
matters); risks relating to adverse weather conditions; political
risk and social unrest; changes in general economic conditions or
conditions in the financial markets; changes in laws (including
regulations respecting mining concessions); and other risk factors
as detailed from time to time in the Company's continuous
disclosure documents filed with Canadian securities administrators.
The Company does not undertake to update any forward-looking
information, except in accordance with applicable securities
laws.
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END
AGRFZGZDVGLGFZG
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