Arc Minerals tumbled on Monday after announcing the termination of its joint venture with mining giant Anglo American, marking a major blow for the company’s Zambian copper exploration strategy.
The LSE-listed exploration company revealed that Anglo American has withdrawn from their partnership and surrendered all interests in the Zambian mining tenements. The decision came after a prolonged period with no drilling activity throughout 2025.
As part of the separation agreement, approximately $800,000 will remain in the joint venture company Handa Resources Limited’s bank account. Arc will resume full control of Handa after Anglo American surrenders its shareholding.
“While we are sorry to part company with Anglo American, I am pleased that we revert to a controlling position in what is widely regarded as one of the most prospective copper tenements in Africa with only a fraction having been drilled to date,” said Nick von Schirnding, executive chairman of Arc.
“We will explore our options for these assets which may include a new joint venture partner.
“We remain resolutely determined to complete the court processes underway in Zambia to deal with the improprieties carried out by an individual intent on holding the Company to ransom which we naturally will not countenance.”
Arc Minerals shares were down over 50% at the time of writing.