Arc Minerals today reports that Anglo has paid Unico (67% held by Arc) the next committed $1m to earn into the Zambian Copper Project (ZCP). As a reminder, Anglo is planning to pay $84.5m to earn a 70% stake in the ZCP with $14.5m of that paid to Unico in a series of staged payments. We still view this as an exceptional earn-in arrangement whereby Anglo pre-pay the JV partner upfront and not just put money in the ground.
