TIDMARCM
RNS Number : 5655R
Arc Minerals Limited
27 October 2023
27 October 2023
Arc Minerals Ltd
("Arc Minerals" or the "Company")
Agreement with Anglo American
Arc Minerals is pleased to announce that the substantive
regulatory conditions precedent with regards to its Joint Venture
Agreement with a subsidiary of Anglo American plc ("Anglo
American") as previously announced (the "JVA") have been
satisfied.
Arc further announces that the parties have completed the
subscription of shares in the joint venture company resulting in a
70% interest having been acquired by Anglo American and a 30%
interest having been acquired by Unico Minerals Ltd, a 67%
subsidiary of Arc Minerals Ltd.
In addition, Arc is pleased to confirm that drilling at one of
the key joint venture licences has commenced.
Nick von Schirnding, Executive Chairman of Arc said "This marks
a major turning point for Arc and our shareholders. I am delighted
that we have now satisfied the substantive regulatory conditions
precedent to completing the JVA and that the joint venture drilling
campaign led by our partners, Anglo American, has commenced.
We recognise that President Hakainde Hichilema's government has
prioritised additional foreign and local investment into the mining
sector and it is with a sense of excitement that we can start the
next phase of the exploration program. I would like to extend my
appreciation and thanks to the administration and various
government agencies of the Republic of Zambia who have been working
tirelessly to ensure the required regulatory approvals were
obtained."
Statement by the Minister of Mines and Minerals Development,
Hon. Paul Kabuswe:
"I am very pleased with the progress that has been made in
forming the joint venture between Anglo American and Arc Minerals.
Anglo American's commitment to a significant exploration program in
the Northwest province is most welcome. As the New Dawn government
under the leadership of His Excellency Hakainde Hichilema, we have
been relentlessly focused on revitalising the country's economy and
ensuring that the Zambian people will benefit and transform their
lives by having significant foreign and local investment. I look
forward to following the progress in the months and years ahead as
this venture aims to unlock further mineral wealth in our
country."
Certain minor procedural conditions are in the process of being
satisfied after which the JVA will become unconditional in
accordance with the commercial terms previously announced on 12 May
2022 and 20 April 2023. These remaining conditions are expected to
be satisfied within the next 2 weeks.
Investor Webinar
Arc will be hosting an Investor Webinar at 12pm on Monday 30
October 2023.
Participants are invited to pre-register for the conference
using the following link:
https://us02web.zoom.us/webinar/register/WN_ltdBY1xrSViRMv3imFE0TQ
Please note that registration is a pre-requisite to access the
conference.
The Company also invites shareholders to submit questions in
advance via email to info@arcminerals.com .
Please note that, until the Q&A session has begun, all
participants will initially be muted without audio or video stream
with the exception of Company management.
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.
**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
AGREANEXADPDFEA
(END) Dow Jones Newswires
October 27, 2023 05:41 ET (09:41 GMT)
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