Arc Minerals (AIM) has significantly expanded its interest in the Zamsort copper-cobalt project, located in the prolific north-western region of Zambia, increasing its stake to 49%. This makes Arc the largest shareholder in one of the region’s most promising polymetallic assets, solidifying its position as a key player in the Zambian Copperbelt.
The company, previously known as Ortac Resources, boosted its interest from 14% by acquiring 35% of Terra Metals' shares in Zamsort. The acquisition was executed through the issuance of 102.1 million new ordinary shares, positioning Arc for further strategic opportunities in this resource-rich region.
Arc also holds a convertible loan note that could raise its interest to 54.34%, should it choose to convert the note into an additional 5.34% stake. The company is already in discussions with the Zambian Competition and Consumer Protection Commission regarding the possibility of increasing its stake further, subject to regulatory approvals under AIM Rule 14.
Nick von Schirnding, Executive Chairman of Arc Minerals, expressed confidence in the project’s potential::
“We see Zamsort as one of the most exciting assets in the Zambian Copperbelt, with near-term production and immense exploration potential. This expanded interest allows us to lead the project forward while attracting potential strategic partners.”
With the completion of a commercial-scale demonstration plant nearing 75%, Arc Minerals is set to begin producing copper and cobalt hydroxide cake within six months. The company has already stockpiled 10,000 tonnes of high-grade ore, grading 2.08% copper and 0.29% cobalt, which will support the initial phases of production.
To accelerate its ambitious plans, Arc recently raised £2.5 million (US$3.4 million) through a share placement to fund further exploration and resource upgrades. The funds will primarily support the continued development of Zamsort and the company’s Casa Mining projects, which include the high-potential Misisi gold project in the Democratic Republic of Congo (DRC).
Zamsort holds a non-JORC compliant near-surface resource of 16.59 million tonnes at 0.94% copper and has a historical exploration target of 150 million tonnes, offering a significant growth trajectory for Arc’s portfolio.
SP Angel, Arc's nomad and broker, added:
“This increased stake puts Arc in a stronger position to drive the project forward with the support of minority shareholders. The additional funding will further enhance exploration and development across its asset base.”
This strategic move positions Arc Minerals to capitalize on both short-term production gains and long-term resource expansion, reinforcing its commitment to unlocking the full potential of Zambia’s copper-cobalt resources.
Source: Mining Journal
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