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UK-based Shuka Minerals is reportedly progressing with the acquisition and redevelopment of Zambia’s Kabwe Zinc Mine, with a new board in place to oversee operations.
In a corporate and operational update on February 14, newly appointed Chief Executive Officer, Richard Lloyd, claimed that the company was working to finalise the acquisition and highlighted strong support from potential funders.
He described the financial backing as “encouraging” and emphasised the need for well-defined budgets and timelines.
Read more : African Development Bank (AfDB) proposes critical minerals-backed currency to stabilise African markets
Shuka Minerals’ proposed acquisition of Zambian mining firm Leopard Exploration and Mining (LEM) follows a conditional share purchase agreement (SPA) signed with LEM shareholders in December 2024.
The company and its advisers are reportedly working to meet outstanding conditions, targeting a March 2025 completion date.
The company is reportedly finalising the appointment of Lusaka-based GeoQuest to assist in project development.
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