JOHANNESBURG (miningweekly.com) – London Aim-listed Arc Minerals on Friday closed out a joint venture (JV) agreement with Anglo American in a deal worth $90-million.

Parties have completed the subscription of shares in the JV company resulting in a 70% interest being acquired by Anglo American Exploration BV and a 30% interest acquired by Unico Minerals, a 67% Arc subsidiary.

Arc is headed by former Anglo and De Beers executive Nick von Schirnding, whose late father Kurt von Schirnding, was South Africa’s former ambassador to the United Nations.

“I look forward to a very exciting new chapter ahead for us,” Von Schirnding enthused.

Held are a number of licences to explore for copper and cobalt in the Lyovu rural district of Zambia’s Northwest province and the JV drilling campaign, led by Anglo, has commenced.

Mines and Minerals Development Minister Paul Kabuswe hailed Anglo's commitment to a significant exploration programme as being “most welcome” and Arc emphasised in its release to Mining Weekly that the investment is aligned with the aim of Zambian President Hakainde Hichilema's government to attract foreign and local investment into the mining sector to enhance Zambia's economic growth.

Zambia's investor-friendly policies and understanding of investor needs had gained support from mining companies, Arc added.