Business
Sale of Casa Mining Update
Sale of Casa Mining Update.
About this update from Arc Minerals Limited
[{"type":"text","content":"\n \nRNS Number : 7341A Arc Minerals Limited 23 January 2020 \n\n23 January 2020\n \nArc Minerals Ltd\n('Arc' or the 'Company')\n \nSale of Casa Mining Update\n \nArc Minerals Limited, the Zambian focussed copper exploration and development company, announces that further to the announcement by Arc Minerals (\"Arc\" or \"the Company\") on 13 November 2019 in relation to the proposed Sale and Purchase Agreement to sell Arc's non-core interest in Casa Mining Limited (\"Casa\") situated in the Democratic Republic of Congo, to Century Capital Management Ltd (\"Century\"), the parties have decided to mutually terminate the agreement. \n \nThe reason for the termination was that an updated legal title opinion was not able to be completed by the long-stop date. However, the Company's title opinion, that has been independently audited, confirmed that all Casa title issues were in good order, which was provided to Century.\n \nNick von Schirnding, executive chairman of Arc commented:\n\"While it is naturally frustrating not to be closing this transaction with Century, the sales process has elicited further interest from a number of third parties who we were precluded from engaging with. \n \nThe improved investment sentiment together with the stronger gold price environment in many ways makes this a more opportune time to dispose of Casa. We have as of today commenced discussions with these interested parties. In the meantime, Casa is on care and maintenance and is not expected to consume any significant cash resources. Casa is a significant 3m ounce gold asset and we are confident of progressing the sale of this non-core asset.\"\n \n**ENDS**\nContacts\n\n\n\nArc Minerals Ltd\nNick von Schirnding (Chairman)\n \n\n\n+44 (0) 20 7917 2942\n \n\n\n\n\nSP Angel (Nominated Adviser & Broker)\nEwan Leggat / Soltan Tagiev\n\n\n+44 (0) 20 3470 0470\n \n\n\n\n \nMarket Abuse Regulation (MAR) Disclosure\nCertain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement.\nForward-looking Statements\nThis news release contains forward-looking statements that are based on the Company's current expectations and estimates. Forward-looking statements ...