ARC Minerals Ltd (LON: ARCM) has announced that the High Court in Zambia has granted an ex parte interim injunction in favour of Arc and any associated parties, including the Joint Venture with a subsidiary of Anglo American, against interference at any existing or future licences in Zambia.
The Injunction is wide-ranging and restrains Mumena Mushinge and Zambia Mineral Exchange Corporation Limited by themselves, servants, agents or whomsoever, howsoever described, from the following activities, until the inter-parties hearing, which is anticipated to be held before the end of Q3 2025:
– Interfering with the affairs of Arc or any of their related parties as set out in the Zambian Settlement Agreement (as announced on 18 February 2022) and Consent Judgment (as announced on 16 March 2022);
– Interfering with any existing licences held by Arc or its associates;
– Interfering with any licence applications of Arc of its associates;
– Interfering with any future licences over any existing ground that is under licence or under application, or any future ground over which licences may be obtained by any means whatsoever.
Nick von Schirnding, Executive Chairman of ARC Minerals, commented:
“The granting of this interim injunction by the High Court in Zambia provides wide-ranging and comprehensive protection of our existing and future interests in Zambia and represents a significant milestone in safeguarding the interests of the Anglo JV and of Arc, its associates and of our shareholders. Our commitment to protecting our interests against unwarranted interference by bad actors is unwavering and we will continue to take robust action as needed.”
Background
In July 2024, the Company as Plaintiff commenced legal proceedings against the Defendants in the High Court of Zambia for alleged breach of the Zambian Settlement Agreement and the resultant Consent Judgment.
The Legal Proceedings included claim for inter alia the following:
a) damages for breach in the sum of USD 850,000;
b) additional damages in the sum of USD 100,000 for costs incurred in responding to and defending against the Defendants’ persistent interference and baseless legal actions;
c) additional damages (not quantified) for fraud and misrepresentation;
d) specific performance compelling the Defendants to comply with the terms of the Zambian Settlement Agreement and Consent Judgment;
e) an order of interim Prohibitive and mandatory injunction restraining the Defendants from directly or indirectly interfering with the Plaintiff’s or any of its related or associated parties’ affairs, existing or future licences, or existing or future licence applications;
f) additional damages for cost of and incidental to the Legal Proceedings; and
g) such other relief as the Court may deem just and equitable.
The Directors are not aware of a connection between this injunction and the injunction announced on 18 November 2024.
Further updates will be provided in due course.
