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Shuka Minerals PLC said on Tuesday it was focused on restarting Rukwa coal mine in Tanzania and the development of newly acquired Kabwe zinc mine in Zambia. The Africa-focused mine operator and developer earned no revenue in 2025, after generating £2.3 million in 2024. Over this period, pretax loss narrowed to £903,137 from £2.0 million. The Rukwa coal mine has remained on care and maintenance through 2025, but Shuka expects a restart in the third quarter of 2026. After 2025, Shuka began a three-phase exploration and development programme at the Kabwe mine, as part of its plans to re-commence both open-pit and underground mining and processing operations. In January, Shuka completed its acquisition of Leopard Exploration & Mining Ltd in Zambia. Leopard Exploration operates Kabwe mine. Shuka said on Tuesday the unsecured, non-convertible funding commitment from Gathoni Muchai Investments Ltd stands at £2 million, of which £1.55 million has been drawn and £448,000 remains available as at May 31, 2026. ‘We believe that the continued and anticipated funding support by major shareholders, together with the investment strategy outlined above, will lead to a successful period for the business in 2026 and beyond,’ Shuka said. Looking ahead, Shuka said it will continue to target additional asset acquisitions. Shares in Shuka were up 15% to 75 rand cents on Tuesday midday in Johannesburg, and were up 0.3% to 2.91 pence in London. Copyright 2026 Alliance News Ltd. All Rights Reserved.
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