REG - Arc Minerals Limited - Extension of Exclusivity Agreement

ARC MineralsAnnouncement

07/02/2023 07:00

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RNS Number : 1398P  Arc Minerals Limited  07 February 2023

7 February 2023

Arc Minerals Ltd

('Arc Minerals' or the 'Company')

Extension of Exclusivity Agreement

Arc Minerals is pleased to announce an update on the proposed Joint Venture
with a subsidiary of Anglo American plc ("Anglo American") in respect of its
copper interests in North Western Zambia (the "Joint Venture"). Under the
proposed Joint Venture agreement, Anglo American will have the right to retain
up to 70% ownership in the Joint Venture.

 

Arc Minerals, has substantially progressed negotiations with Anglo American,
including the terms and conditions of a Joint Venture Agreement and associated
definitive agreements. All substantive commercial terms of the proposed Joint
Venture remain unchanged from those previously announced.

 

The parties are currently closing out remaining due diligence, technical and
structure issues which are expected to be concluded in the next few weeks. As
such, the parties have therefore agreed to a short extension of the
exclusivity period to 31 March 2023 to allow for final internal approvals and
signing of the definitive Joint Venture Agreement and ancillary documents.

 

Until the signing of definitive agreements, there can be no guarantee that Arc
Minerals or any company in its group will complete any commercial transaction
in relation to its Zambian assets.

 

Nick von Schirnding, Executive Chairman of Arc Minerals, commented:

"I am very pleased that we have continued to make good progress in the
negotiation of a transaction with  Anglo American in respect of the proposed
Joint Venture. We are also pleased with the progressive reforms being
undertaken by President Hakainde Hichilema's administration and the Ministry
of Mines. I look forward to moving swiftly to signing all the final agreements
and to updating shareholders shortly."

 

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.

**ENDS**

Contacts

 Arc Minerals Ltd                                 +44 (0) 20 7917 2942

 Nick von Schirnding (Executive Chairman)

 SP Angel (Nominated Adviser & Joint Broker)      +44 (0) 20 3470 0470

 Ewan Leggat / Adam Cowl

 WH Ireland Limited (Joint Broker)                +44 (0) 20 7220 1666

 Harry Ansell / Katy Mitchell

 

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