Fannie Mae, Freddie Mac shares tumble after conservatorship comments
LONDON - Arc Minerals Ltd (LSE:ARCM) announced Monday that an inter partes hearing regarding its injunction against Mumena Mushinge and Zambia Mineral Exchange Corporation Limited (ZAMEX) has been scheduled for September 10, 2025.
The hearing relates to an ex parte interim injunction secured by Arc in January 2025, which restrains Mushinge and ZAMEX from interfering with Arc’s affairs or interests in existing or future licenses.
In a separate development, Arc reported that ZAMEX has unilaterally obtained an ex parte order from a court in Kitwe appointing a provisional receiver over Handa Resources Limited, the joint venture company in which Arc has interests. The company stated this order was obtained without notice to Arc or its joint venture partner.
Arc’s legal advisors have indicated there are procedural improprieties in both the documents supporting ZAMEX’s application and the process followed. The company has taken steps to have the Kitwe order set aside.
The mining firm has also submitted applications to the High Court of Zambia for leave to commence contempt of court proceedings against ZAMEX and its directors, claiming the Kitwe order violates both the January injunction and a previously established Zambian Settlement Agreement from February 2022.
Arc Minerals maintains that its licenses, joint venture interests, and operations remain protected under the existing injunction. The company’s announcement was based on a press release statement issued Monday.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.