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Zambia’s Mining Story Shines at Cape Town Indaba

The Zambian mining story is shining on the sidelines of the ongoing Mining Indaba in Cape Town.

London Stock Exchange-listed Zamsort has scored a milestone, with its chairman Mumena Mushinge appointed director of Arc Minerals.

Arc Minerals, formerly Ortac Resources, is engaged in the identification, evaluation, acquisition and development of natural resource projects, located primarily in Africa.

Directors of Zamsort Company migrated their shares to Arc Minerals in order to raise finance and have since seen their move pay off with Mushinge’s appointment.

“Zamsort is a company which was founded in 2002 and it owns a 1, 000 square kilometre area in North Western Province. It owns an exploration licence and it has a small-scale mining licence,” Company Secretary Brian Chisala said.

“It is a hybrid project which has both mining and exploration. In order to raise finance, founders of Zamsort, Mr Munena Mushinge who is the chairman, Brian Chisala company secretary and Katambi Bulawayo, migrated their shares to Arc Minerals and AIM listed company in London to try and raise capital and collectively becoming majority shareholders in Arc Minerals…Today is quite a milestone because the chairman of Zamsort, Mr Munena Musunge, has since been appointed director to Arc Minerals, which is a very rare scenario in the mining sector on listed entities.”

Zamsort has invested about $12 million in a new project that it will commission on a pilot plant producing at least 500, 000 concentrates a month for Copper and Cobalt.

“This is particularly interesting because it is a predominantly Zambian spearheaded company and so it has been a milestone to have Mr Mushinge who has been appointed. When you look at the share pricing after the announcement, it has slightly gone up and we expect it to go up,” he said.

“We are expected to go to phase two of our drilling in 2018. We have also identified new projects in our large scale prospecting which were never discovered before by major corporations like Anglo American and Equinox.”

Source: Zambia Reports

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