Gloag throws weight behind African copper mining venture

Stagecoach co-founder Ann Gloag has bought a sizeable stake in an Aim-listed company looking to develop a copper and cobalt mining project in Zambia.

Gloag took part in a share placing by Arc Minerals to support its plans to develop the Zamsort project and owns more than 16 million shares, a 3 per cent stake worth around £500,000.

Gloag said that the firm’s plans were in line with her long-standing commitment to the regeneration of Africa through investment and commercial development.

“My investment in Arc Minerals is fully aligned with this philosophy. I look forward to progress being reported over the coming months,” she said.

Copper and cobalt are both seeing significant demand from the rise of the electric vehicle market as they are used in the production of batteries.

Nick von Schirnding, Arc’s executive chairman, said: “We are at a very exciting juncture and I am confident that as we deliver on our strategy we will generate significant val- ue for all our stakeholders.” The Zamsort project is located approximately 900 kilometres from the Zambian capital Lusaka and in an area home to a number of the major copper mines. It is one of the last prospective mines in the area with near-the-surface deposits.

In 2014, Gloag vowed to give away half her fortune in her lifetime after joining Bill Gates’ Giving Pledge camnow 0 Gloag: ‘In line with African regeneration commitment’