India, May 27 -- ARC Minerals Ltd (ARCM.L) on Wednesday said it has signed a settlement agreement resolving all outstanding litigation in Zambia related to its exploration assets.
The company said that the agreement between Arc Minerals, Handa Resources Limited, Unico Minerals Limited and Kopara Investments Limited (together, Party A) and Zambia Mineral Exchange Corporation Limited, Lunda Resources Limited and Mumena Mushinge (together, Party B), terminates eight ongoing legal proceedings across multiple Zambian courts and tribunals, resolving all litigation affecting Arc in Zambia.
As part of the settlement, Party B has agreed to make a contingent settlement payment of $200,000 to Party A if a JORC-compliant measured mineral resource of ...