LONDON (ShareCast) - (Sharecast News) - Arc Minerals said in an update on Friday that a judge at the Zambian High Court in Lusaka had ruled that a March 2022 consent judgment closed the court record and left the court without jurisdiction to hear further applications, bolstering its defence against what it described as "spurious and vexatious" claims from a former director.
The AIM-traded company said it was now taking further legal steps to secure the full practical effect of the ruling.

It said the claims centred on a writ of fieri facias filed in 2024 by Zambia Mineral Exchange Corporation and the former director, seeking up to $0.65m in alleged damages tied to an alleged breach of the 2022 settlement agreement, which Arc said had not occurred.

Arc said its lawyers had identified impropriety in both the supporting documentation and the process behind the writ, which was currently subject to a court-ordered stay of execution.

The company said it expected the writ to be declared invalid.

Arc added that it holds no material assets in Zambia beyond its 20% effective indirect stake in Handa Resources and that its licences, joint venture interests and operations remained unaffected.

At 1453 BST, shares in Arc Minerals were up 2.38% at 0.97p.

Reporting by Josh White for Sharecast.com.

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