REG - Arc Minerals Limited - Zambia – JV Subsidiary Legal Case

ARC MineralsAnnouncement

18/11/2024 18:00

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RNS Number : 6915M  Arc Minerals Limited  18 November 2024

18 November 2024, 17:15 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 - JV Subsidiary Legal Case

 

The Company advises that it has been informed by a subsidiary of Anglo
American, its joint venture partner in Zambia, that a temporary injunction
against sale and mining or exploration activities has been granted with
respect to one of the licences held by Handa Resources Limited.

 

Arc Minerals has been informed that current drilling activities being
undertaken by the joint venture are on licences that are not subject to the
injunction and these activities are therefore unaffected and continue as
planned.

 

The affected licence forms part of a successful Zambian court-approved
Settlement Agreement as first announced on 18 February 2022. The directors of
Arc believe this injunction is without merit and vexatious and based on
unfounded historic claims against Handa by Zamsort. Arc has been informed that
an application by Handa to set aside the injunction and to dismiss the case
will be filed imminently. In addition, Arc Minerals notes that it has filed a
case for breach of the Zambian Settlement Agreement referred to above seeking
injunctive relief and damages.

 

Whilst the outcome of this matter can not be guaranteed, the directors of Arc
Minerals are confident that the injunction will be lifted once the court has
been provided with the full set of facts and history on the matter.

 

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
 Ltd

                                                                                                                               c/o Benchmark Communications
 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

 Benchmark Communications (Investor Relations)                                                                                   Tel: +44 (0) 7841 67 3210

 Richard Kauffer

 

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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