[ACCI-CAVIE] In Africa, the giant Anglo American has a highly diversified mining portfolio that it manages through its many subsidiaries. However, none of them is active in copper.
In Zambia, the British holding company Anglo American has signed a memorandum of understanding with the junior mining company Arc Minerals to form a joint venture to develop its copper/cobalt project in the North West Province. This was announced by the latter on May 12, 2022, noting that this conclusion was the result of several months of negotiations.
In November 2020, the two parties had indeed begun talks regarding possible funding by the mining giant to continue exploration activities after the identification of 14 promising copper targets.
Under the terms agreed upon by the two companies and subject to a few conditions precedent, Anglo American and Arc Minerals will hold a 70% and 30% interest in the joint venture respectively. This includes a total investment of up to $88.5 million by the giant.
“I am delighted to sign this agreement with Anglo American which, once the final agreements are signed, will allow a major mining company to invest significantly in the northwestern Zambian concessions, which opens up very interesting prospects for us,” said Nick von Schirnding, Executive Chairman of Arc Minerals.
Through its subsidiaries Zamsort and Zaco, the junior mining company Arc Minerals holds copper exploration licenses covering 872 km² in Zambia, near large mines such as Sentinel and Kansanshi (First Quantum) or Lumwana (Barrick).