Aim-listed Arc Minerals has sold its interest in Andiamo Minerals to Africa-focused mining private equity group AMED Funds for $532 000.
Arc chairperson Nick von Schirnding said in a statement on Tuesday that the sale represented a major step forward in delivering on the company’s stated strategy of selling its noncore assets.
“The sale monetises Arc's interest in Andiamo and the proceeds of the sale will be deployed at our Zamsort copper/cobalt asset exploration programme where drilling will commence shortly," he noted.
Earlier this month, Arc Minerals acquired a further 6% interest in Zamsort, which is developing a copper/cobalt project in Zambia, from two separate shareholders.
It now holds a 61% interest in Zamsort.