Shuka Minerals, an African-focused mining company, has extended the completion date to 11 June 2025 to acquire Leopard Exploration and Mining and the Kabwe Zinc Mine in Zambia.
The delay is due to the pending final regulatory approval from the Competition and Consumer Protection Commission (CCPC). The company has received all other necessary approvals and anticipates the remaining one within the revised timeline.
Go deeper with GlobalData
The acquisition, initially set to be completed by 13 March 2025, involves a share and cash transaction for 100% of Leopard Exploration’s share capital through a conditional share purchase agreement.
The extension was mutually agreed upon by both parties without any penalties following the delay in receiving CCPC approval. Shuka Minerals’ management remains optimistic about the approval and is focused on securing the necessary funding for the cash consideration and working capital.
Shuka Minerals has been engaging with major shareholders, advisers and potential debt funders to secure the required funding.
Discussions have been progressing with finance groups in London and Africa, aiming to source non-dilutive capital at the PLC level.
The board is confident in securing the capital required for the transformative acquisition of the Kabwe Mine.
The Kabwe Mine, with a history of 88 years of operation by Anglo American and Zambia Consolidated Copper Mines, was “one of the world’s highest-grade zinc and lead mines”. It was closed in 1994 due to commodity prices.
The mine holds significant economic importance in Zambia and is considered a transformational asset for Shuka Minerals and its shareholders.
To commence the initial exploration activities at the Kabwe Mine, Shuka Minerals has appointed GeoQuest, a Zambian-based independent geological consultant.
GeoQuest will review historical resource drilling and exploration at the Kabwe Mine and conduct a geophysical survey of the site and its existing Mining Licence.
It will also assess assay results from zinc and lead mineral samples collected during the company’s executive site visit in February 2025.
