Arc Minerals takes controlling stake in Zaco
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.