REG - Arc Minerals Limited - Zambia Interim Injunction Secured

ARC MineralsAnnouncement

16/01/2025 15:00

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RNS Number : 6528T  Arc Minerals Limited  16 January 2025

16 January 2025, 14:50 UTC

The information contained within this announcement is deemed by the Company to
constitute inside information as stipulated under the Market Abuse Regulations
(EU) No. 596/2014 (MAR) as in force in the United Kingdom pursuant to the
European Union (Withdrawal) Act 2018. Upon the publication of this
announcement via Regulatory Information Service (RIS), this inside information
will be in the public domain.

Arc Minerals Ltd

('Arc' or the 'Company')

Zambia Interim Injunction Secured

 

Arc Minerals (LSE: ARCM) is pleased to announce that the High Court in Zambia
has granted an ex parte interim injunction in favour of Arc and any associated
parties, including the Joint Venture with a subsidiary of Anglo American
("Anglo JV"), against interference at any existing or future licences in
Zambia (the "Injunction").

 

The Injunction is wide-ranging and restrains Mumena Mushinge ("MM") and Zambia
Mineral Exchange Corporation Limited ("ZAMEX") (together, the "Defendants") by
themselves, servants, agents or whomsoever, howsoever described, from the
following activities, until the inter-parties hearing, which is anticipated to
be held before the end of Q3 2025:

 

-      Interfering with the affairs of Arc or any of their related
parties as set out in the Zambian Settlement Agreement (as announced on 18
February 2022) and Consent Judgment (as announced on 16 March 2022);

-      Interfering with any existing licences held by Arc or its
associates;

-      Interfering with any licence applications of Arc of its
associates;

-      Interfering with any future licences over any existing ground that
is under licence or under application, or any future ground over which
licences may be obtained by any means whatsoever.

 

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

"The granting of this interim injunction by the High Court in Zambia provides
wide-ranging and comprehensive protection of our existing and future interests
in Zambia and represents a significant milestone in safeguarding the interests
of the Anglo JV and of Arc, its associates and of our shareholders. Our
commitment to protecting our interests against unwarranted interference by bad
actors is unwavering and we will continue to take robust action as needed."

 

Background

In July 2024, the Company as Plaintiff commenced legal proceedings against the
Defendants in the High Court of Zambia (the "Court") for alleged breach of the
Zambian Settlement Agreement and the resultant Consent Judgment (the "Legal
Proceedings").

 

The Legal Proceedings included claim for inter alia the following:

a)    damages for breach in the sum of USD 850,000;

b)    additional damages in the sum of USD 100,000 for costs incurred in
responding to and defending against the Defendants' persistent interference
and baseless legal actions;

c)    additional damages (not quantified) for fraud and misrepresentation;

d)    specific performance compelling the Defendants to comply with the
terms of the Zambian Settlement Agreement and Consent Judgment;

e)    an order of interim Prohibitive and mandatory injunction restraining
the Defendants from directly or indirectly interfering with the Plaintiff's or
any of its related or associated parties' affairs, existing or future
licences, or existing or future licence applications;

f)     additional damages for cost of and incidental to the Legal
Proceedings; and

g)    such other relief as the Court may deem just and equitable.

 

The Directors are not aware of a connection between this injunction and the
injunction announced on 18 November 2024.

 

Further updates will be provided in due course.

 

The Directors of Arc are solely and entirely responsible for the content of
this announcement. Neither Anglo American nor any other person, accepts
responsibility for the adequacy or accuracy of this news release.

 

For further information contact:

 Arc Minerals                                                                                                                    info@arcminerals.com (mailto:info@arcminerals.com)
 Ltd

 Nick von Schirnding (Executive Chairman)

 Zeus (Nominated Adviser & Joint Broker)                                                                                         Tel: +44 (0) 20 3829 5000

 Katy Mitchell/Harry Ansell

 Shard Capital Partners LLP (Joint Broker)                                                                                       Tel: +44 (0) 20 7186 9952

 Damon Heath

 

For more information, visit www.arcminerals.com (http://www.arcminerals.com/)
.

 

Forward-looking Statements

This news release contains forward-looking statements that are based on the
Company's current expectations and estimates. Forward-looking statements are
frequently characterised by words such as "plan", "expect", "project",
"intend", "believe", "anticipate", "estimate", "suggest", "indicate" and other
similar words or statements that certain events or conditions "may" or "will"
occur. Such forward-looking statements involve known and unknown risks,
uncertainties and other factors that could cause actual events or results to
differ materially from estimated or anticipated events or results implied or
expressed in such forward-looking statements. Such factors include, among
others: the actual results of current exploration activities; conclusions of
economic evaluations; changes in project parameters as plans continue to be
refined; possible variations in ore grade or recovery rates; accidents, labour
disputes and other risks of the mining industry; delays in obtaining
governmental approvals or financing; and fluctuations in metal prices. There
may be other factors that cause actions, events or results not to be as
anticipated, estimated or intended. Any forward-looking statement speaks only
as of the date on which it is made and, except as may be required by
applicable securities laws, the Company disclaims any intent or obligation to
update any forward-looking statement, whether as a result of new information,
future events or results or otherwise. Forward-looking statements are not
guarantees of future performance and accordingly undue reliance should not be
put on such statements due to the inherent uncertainty therein.

 

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