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Arc Minerals ups stake in Zamsort copper-cobalt project
AIM-listed exploration and mine development company Arc Minerals has increased its ownership of copper and cobalt miner Zamsort to 55% following the acquisition of a further 6% from Terra Metals.
Arc made an application for 17.5m consideration shares in the firm to be admitted to trading on AIM, a process expected to be finalised around 11 June, in order to satisfy its agreement with Terra on the same commercial terms as when it made its initial 35% stake in the firm back in May.
Arc also holds a convertible loan note in Zamsort, which has been developing a "highly attractive copper-cobalt project" in north-west Zambia, which is convertible into an additional 5.34% interest in the group's share capital.
Nick von Schirnding, executive chairman of Arc Minerals, 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," he added.
As of 1015 BST, Arc shares had lost 2.44% to 4.39p.