LONDON – Arc Minerals Ltd (LSE: ARCM ), a mining and exploration company, has announced that the High Court of Zambia has granted an interim injunction in favor of the company and its related parties, including its joint venture with Anglo American (JO: ), against interference in their Zambian operations.
The injunction, issued on Thursday, restrains Mumena Mushinge and Zambia Mineral Exchange Corporation Limited, jointly called the Respondents, from interfering with Arca’s affairs, existing licences, license applications and any future licenses in Zambia until an inter partes hearing scheduled before the end of the third quarter of 2025.
This legal action followed Arc’s July 2024 action against the defendants for alleged breach of the Zambian Settlement Agreement and Consent Judgment, seeking damages and seeking to compel the defendants to comply with the agreed terms.
Nick von Schirnding, executive chairman of Arc Minerals, said the ban provides comprehensive protection of their interests in Zambia and is a significant step in protecting the company’s business and shareholder interests from undue interference.
Arc directors confirmed that there is no known connection between this ban and another previously announced on November 18, 2024. They also accept full responsibility for the content of this announcement, stating that neither Anglo American nor any other party is responsible for the adequacy or accuracy of the press release.
Arc Minerals said it would provide further updates in due course and did not disclose any additional information regarding the financial implications of the ban or the ongoing legal action. This announcement is based on a press release from Arc Minerals Ltd.
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