Arc Minerals Shares Fall on Lapse of Exclusivity Agreement With Anglo American

By Anthony O. Goriainoff

Shares in Arc Minerals Ltd. fell Friday after the company said that the July 2020 exclusivity agreement signed with Anglo American PLC lapsed from today.

Shares at 0726 GMT were down 16% at 4.20 pence.

The Zambia-focused copper and cobalt mining company said discussions between both companies continue and that they have been very positive.

The London-listed company said that it has been approached by a number of interested groups to start discussions regarding a potential commercial transaction as the copper market is very strong at present.

"As we have always said, any transaction has to sufficiently compensate Arc shareholders for allowing a major to take over an asset which we believe has significant potential to become a major tier-one copper discovery. We will continue our discussions with Anglo American which have been going well but will also commence discussions with other major mining companies that have approached us," Arc Minerals said.

Write to Anthony O. Goriainoff at [e-mail]

(END) Dow Jones Newswires

July 09, 2021 03:42 ET (07:42 GMT)

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