5th Nov 2024 14:26
Arc Minerals Ltd - copper exploration company focused on mines in Africa - Receives confirmation from the Zambian Ministry of Mines that the large-scale mining licence application 33404-HQ-LML submitted by Handa Resources Ltd has been reinstated, and that the application submitted by Zaco Investments Ltd is being rectified.
The company was temporarily suspended from trading on AIM in June following the rejection of these licence applications, which had been "validly submitted" and validated by the Zambian Mining Cadastre. Arc Minerals had anticipated this was due to the premature processing of both applications, but noted it had received no formal notification of this. Handa Resources and Zaco Investments, both of which Arc Minerals holds an indirect interest in, had appealed the decision.
A further exploration licence 23004-HQ-LEL from Zaco Investments was marked as deferred, pending an information request.
Current stock price: 2.13 pence, up 15% in London on Tuesday afternoon
12-month change: down 44%
By Emily Parsons, Alliance News reporter
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