By Ian Walker

Arc Minerals Ltd. said Monday that due diligence progress is being made on its planned joint venture with a subsidiary of Anglo American PLC over Arc's copper-cobalt project in Zambia.

However, the London-listed mining group said that the process has been delayed due to the recent temporary closures of the Mining Cadastre by the Zambian Ministry of Mines.

A second 90-day exclusivity period has therefore been agreed to allow time for the due diligence process to be undertaken, it added.

Arc said on May 12 that it had entered into an agreement with Anglo American under which AA would get a 70% of the joint venture in exchange for an aggregate investment of up to $88.5 million, including a cash sum of up to $14.5 million.

Shares at 1305 GMT were down 0.30 pence, or 8.5%, at 3.25 pence.

Write to Ian Walker at ian.walker@wsj.com

(END) Dow Jones Newswires

August 15, 2022 09:21 ET (13:21 GMT)

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