Arc Minerals has begun drilling in Zambia, after fulfilling the regulatory requirements for its US$90 million joint venture with Anglo American.
Anglo American and Arc have completed the joint venture, leaving Anglo with a 70% stake in the project, with the remainder held by a subsidiary controlled by Arc.
The terms of the JV, first announced in 2022, will see Anglo make an aggregate investment of up to US$88.5 million, including a cash sum of up to $14.5 million, in the Zambian project.
Unconditional completion of the JV agreement is expected shortly.
Zambian President Hakainde Hichilema is pushing mining-friendly policies in order to reignite exploration and development of the country's copper resources.
"We recognise that President Hakainde Hichilema's government has prioritised additional foreign and local investment into the mining sector, and it is with a sense of excitement that we can start the next phase of the exploration program," said Arc executive chair Nick von Schirnding.
"Anglo American's commitment to a significant exploration program in the Northwest province is most welcome," Zambia's Minister of Mines and Minerals Development, Paul Kabuswe said.
Arc Minerals shares in London were up 10.4% at time of writing, at 3.75p, with a market cap of £45.99 million