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Arc Minerals Ltd said on Monday that a joint venture agreement with a subsidiary of Anglo American PLC was terminated by mutual agreement. The copper exploration company focused on mines in Africa said that Anglo American accordingly withdrew from the joint venture and surrendered its interests, which were held through the joint venture company Handa Resources Ltd. Arc Minerals said the termination followed a ‘protracted period of no drilling activity during 2025’. Shares in Arc Minerals sank 48% to 0.54 pence on Monday afternoon in London. Arc Minerals said it will resume control of Handa and that approximately $800,000 will be left in Handa’s bank account. Arc Minerals said it does ‘not anticipate any requirement to undertake an equity raise in the foreseeable future to support existing operations’ due to its existing cash resources and the balance of cash being left in Handa. Executive Chair Nick von Schirnding said: ‘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. 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.’ Copyright 2025 Alliance News Ltd. All Rights Reserved.
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