• Arc, Anglo American end Zambia copper joint venture deal
• Move shrinks Anglo’s African presence amid global restructuring
• Arc seeks new partner as Anglo eyes copper growth elsewhere

Junior miner Arc Minerals announced Monday the "mutually agreed termination" of its 2022 joint venture with Anglo American for the exploration of a copper project in Zambia. This development marks another withdrawal by the British mining major from an African project, coming months after its demerger of Valterra Platinum (formerly Anglo American Platinum), its South African subsidiary specializing in Platinum Group Metals (PGMs).

Anglo American had announced a restructuring plan in 2024 aimed at boosting its exposure to copper. That roadmap included the split with Valterra Platinum and a pending demerger of diamond producer De Beers, which has major operations in Botswana and Namibia. Although the exit from the Zambian project was not specifically tied to this strategy, it further shrinks Anglo American’s footprint in the African mining sector.

The joint venture with Arc Minerals covered Anglo American’s right to acquire a stake in the 767-square-kilometer ZCP exploration project, located in the Zambian Copperbelt. The agreement allowed Anglo American to acquire a 51% equity interest by investing $38.5 million over three-and-a-half years from the deal’s signing. Arc Minerals stated that the termination followed a "long period of no drilling activity in 2025" at the site, though it did not specify the reasons for the inactivity.

Arc Minerals intends to explore all options to advance the ZCP project, including partnering with a new joint venture partner. Anglo American has not yet commented on the termination. Once the De Beers demerger is complete, Anglo American’s African presence will primarily consist of its South African subsidiary Kumba Iron Ore and its manganese operations in the country.

Despite the shrinking African portfolio, CEO Duncan Wanblad has maintained that the continent remains strategic for the company. "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," he told Reuters earlier this month.

It remains to be seen how this vision will materialize, given the company's focus on consolidation deals outside the continent. Anglo American is currently pursuing a merger with Canada's Teck Resources to create "Anglo Teck," a combined entity valued at over $50 billion that would include five of the world's largest copper producers. Separately, Anglo American is moving forward with a plan to merge its Los Bronces and Andina copper mines in Chile with those of state-owned Codelco.

Aurel Sèdjro Houenou