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Shuka Minerals PLC - African-focused mine operator and developer - Provides update on the proposed acquisition of the Zambian mining and exploration company, Leopard Exploration and Mining Ltd and the Kabwe zinc mine. Hopes to complete the Kabwe acquisition ahead of the expected March 2025 completion date and is undertaking preparatory work to drive the project forward following completion. Technical site visits have been undertaken in Zambia and meetings in Lusaka and South Africa have also been held with key stakeholders and the company’s existing, and potentially new, providers of finance. Continues to carefully manage working capital position and creditors whilst progressing discussions with AUO Commercial Brokerage as previously announced and is also continuing to work with its financial advisers and a number of European and African based groups on its longer term financing arrangements. This includes the funding necessary to meet cash consideration due to the LEM. Chief Executive Richard Lloyd says: ‘A great deal has happened in a very short space of time since my engagement in mid-December 2024 and a new Shuka board having been put in place, with the focus being to complete the acquisition and re-develop the famous Kabwe Mine in Zambia. ‘We continue to understand the full potential of Kabwe and the support from potential funders in various forms of funding ideas is encouraging. The budgeting and timeframes need to be clearly thought out.’ Current stock price: 4.50 pence, down 5.2% in London on Friday 12-month change: down 54% Copyright 2025 Alliance News Ltd. All Rights Reserved.
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