Arc Minerals Limited (AIM:ARCM) executive chairman Nick von Schirnding and chief operating officer Vassilios Carellas joined Stephen Gunnion in the Proactive studio with details of the company’s latest acquisition—the Chingola Copper Project in Zambia.
Von Schirnding highlighted that the project is located in the northeast of the Zambian Copper Belt, an area known for high-grade copper deposits. The site is less than 30km from major existing operations, including Vedanta’s Nchanga Mine and Moxico Resources’ Mimbula Mine. He described the acquisition as strategic, adding that Arc Minerals has been pursuing it for 18 months due to its high prospectivity.
Carellas detailed the financial terms of the deal, explaining that Arc Minerals has committed an initial $75,000, with milestone-based payments tied to drilling and resource confirmation. He emphasised that the transaction is structured to limit financial risk, allowing the company to exit if exploration does not yield the expected results.
Von Schirnding also reassured investors that the company’s upcoming exploration work at Chingola is fully funded, with soil sampling expected to commence soon. The project will add to Arc Minerals’ growing portfolio, which includes its joint venture with Anglo American in Zambia’s northwest and assets in Botswana.
Carellas noted that Chingola’s geological potential remains largely untested in the last 20 years, making it a prime target for new exploration techniques. The company expects active news flow as soil sampling and drilling programs progress.
Arc Minerals also provided updates on its joint venture with Anglo American, confirming that preparations are underway for drilling to commence soon.
Stay tuned for more updates on Arc Minerals’ progress. Don’t forget to like this video, subscribe to Proactive’s YouTube channel, and turn on notifications for the latest updates on mining and investment news.
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