Home Commodities Cobalt Anglo American completes formation of joint venture and advances exploration projects in...
Global mining company Anglo American has confirmed it is progressing early-stage copper exploration at a number of licences in Zambia’s North-Western Province, following completion of the formation of its joint venture with a subsidiary of Arc Minerals Ltd (“Arc”).
Under the terms of the joint venture agreement, which recently completed following satisfaction of the outstanding conditions (including regulatory approvals), Anglo American has a right to retain 70% of the joint venture company subject to meeting certain exploration commitments and payments to Arc.
Exploratory drilling at one of the key joint venture licences has already commenced.
Adriana Blesa, Anglo American Discovery Manager for Zambia said: “We are pleased to have this joint venture with Arc in order to further our exploratory work in North-Western Province as we look to identify potential opportunities in copper and cobalt. As with all mineral exploration projects, these are long-term commitments that require significant capital investment and expertise to ascertain whether there are deposits that are economically viable enough to progress to a phase of full-scale mining.”
Notwithstanding the inherent uncertainty of such a long-term project, as part of its commitment to responsible mining, Anglo American has already invested in a wide-ranging programme of community development projects in Zambia in education, healthcare, access to water and small business development. In May 2023 Anglo American launched a collaborative partnership with global humanitarian organisation World Vision to help improve access to education for 160 high school-aged girls in the Lyovu rural district in North-Western Province, located near an area where Anglo American is conducting mineral exploration activities.
“From mineral discovery activity right through to marketing our future-enabling products to customers, Anglo American is committed to creating enduring value for society. Despite being in the early stages of exploration in Zambia, we believe in delivering a positive impact without delay. This is the right thing for local people, regardless of the outcome of our preliminary exploration on future mining activities,” added Ms Blesa.