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Arc Minerals takes controlling stake in Zaco

Tue 03 December 2019 09:27 | A A A

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(Sharecast News) - Africa-focussed exploration junior Arc Minerals acquired a further 5% interest in copper and cobalt miner Zaco on Tuesday, giving the group a controlling stake in the firm.

Arc Minerals purchased the shares in Zaco from Mumena Mushinge, a non-executive director of Arc, for $37,500 in cash, increasing the AIM-listed group's interest in Zaco from 47.5% to 52.5%.

In the first half of 2019, a comprehensive independent review of the prospectivity of Arc's Zaco and Zamsort licences was commissioned. It defined eight target areas of redox-boundary copper mineralisation.

Executive chairman Nick von Schirnding said: "I am very pleased that we have increased our stake in Zaco to 52.5% giving us a controlling interest in this exciting prospect, which contains a number of anomalies which we are drilling."

As of 0925 GMT, Arc Minerals shares were down 3.92% at 2.40p.

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