Arc Minerals and Anglo American Terminate Zambian Joint Venture

Arc Minerals (LSE:ARCM), an exploration company focused on developing Tier 1 copper deposits, and Anglo American (LSE: AAL) have mutually agreed to terminate their joint venture agreement concerning Zambian mining tenements.

Anglo American has withdrawn from the venture, surrendering its interests in Handa Resources Limited, the joint venture company. The decision follows a period of inactivity during 2025, specifically a lack of drilling.

The agreement stipulates that approximately $800,000 will remain in Handa's bank account. Arc Minerals will regain control of Handa Resources, with Anglo American relinquishing its shares. This development marks a significant shift in the ownership and operational control of the Zambian copper assets.

Nick von Schirnding, executive chairman of Arc Minerals, expressed regret at parting ways with Anglo American. However, he welcomed the return of a controlling position in what he described as a highly prospective copper tenement in Africa. He noted that only a small portion of the area has been explored to date.

The company is now evaluating its options for the assets, including the possibility of forming a new joint venture.

Arc Minerals is also pursuing legal action in Zambia to address alleged improprieties by an individual. The company asserts this individual is attempting to “hold the company to ransom.”

Given its existing cash reserves and the funds remaining in Handa, Arc Minerals does not anticipate the need for an equity raise to support its current operations.