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Junior miner Arc Minerals has announced the mutual termination of its 2022 joint venture with Anglo American for the exploration of a copper project in Zambia, marking another retreat by the British mining giant from African operations.
According to Ecofin Agency, Arc Minerals said the decision followed “a long period of no drilling activity in 2025,” though it did not specify the reasons for the inactivity.
The joint venture granted Anglo American the right to acquire a 51 percent stake in the 767-square-kilometre ZCP exploration project in Zambia’s Copperbelt by investing US$38.5 million over three and a half years.
The exit comes months after Anglo American’s demerger of Valterra Platinum—formerly Anglo American Platinum—its South African subsidiary specialising in platinum group metals. It also coincides with the company’s planned spin-off of diamond producer De Beers, which operates in Botswana and Namibia.
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While the Zambian withdrawal is not directly linked to the company’s 2024 restructuring strategy, it further reduces Anglo American’s operational footprint in Africa.
Once the De Beers demerger is completed, its African presence will mainly consist of Kumba Iron Ore and manganese operations in South Africa.
Arc Minerals said it would seek new partnerships to advance the ZCP project. Anglo American has yet to comment on the decision.
Despite the shrinking portfolio, Anglo American Chief Executive Officer Duncan Wanblad has reiterated the company’s long-term interest in Africa.
“I look at what the world needs in terms of minerals, I think Africa is the place to be. Hopefully, we’ll be as big as we were in Africa in a couple of years’ time,” Wanblad told Reuters earlier this month.
However, Anglo American’s current growth strategy is focused outside Africa. The miner is pursuing a potential US$50 billion merger with Canada’s Teck Resources to form a copper powerhouse dubbed “Anglo Teck,” while also exploring the consolidation of its Los Bronces and Andina mines in Chile with those of Codelco, Chile’s state-owned copper producer.
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