End of a Promising Exploration Alliance
On October 20, 2025, Anglo American and Arc Minerals jointly confirmed the termination of their copper–cobalt joint venture in Zambia, abruptly ending what had been one of the country’s most closely watched exploration partnerships. The venture, established in 2022, aimed to uncover new high-grade deposits in the North-Western Province. However, according to both parties, strategic misalignment and delays in project approvals led to the decision. The announcement immediately sent Arc’s shares plunging, reflecting investor disappointment at the loss of a major backer.
Implications for Zambia’s Mining Ambitions
The dissolution is a setback for Zambia’s ambition to reposition itself as a key player in Africa’s critical minerals corridor, linking copper and cobalt production across the DRC and southern Africa. The project was part of the government’s strategy to attract diversified global investment and modernize its exploration base. Analysts warn that the move could slow momentum in Zambia’s upstream sector just as demand for copper intensifies under global electrification trends, underscoring the fragility of large-scale exploration partnerships in complex regulatory environments.
Recalibrating Investor Confidence
Despite the setback, Zambia continues to court international investors through incentives and policy reforms aimed at enhancing transparency and operational stability. Industry observers suggest that Anglo American’s exit could open the door for new entrants, particularly mid-tier companies looking to expand their presence in the Copperbelt. For now, the end of the JV stands as a reminder that while Africa’s mineral potential remains vast, success hinges on consistent governance, risk management, and long-term alignment between state and private interests.