Shuka to settle Kabwe acquisition consideration this week
Aim- and AltX-listed Shuka Minerals expects to shortly receive £815 000 from investment banking group Gathoni Muchai Investments as part of an increased loan agreement entered into in June last year.
This will allow Shuka to settle the cash consideration of its acquisition of Zambian mining company Leopard Exploration and Mining (LEM) and, thereby, the Kabwe zinc mine, in Zambia.
Shuka in November last year settled an initial tranche of the acquisition consideration, giving the company an initial effective interest of 22.2% in LEM. More payments secured an interest of 49.9%, with the final tranche due this week poised to secure 100% ownership of LEM.
The deal’s long stop date was extended earlier this month to allow for the fund tranches to be completed. The process also experienced delays with regulatory approvals, with Shuka having expected the acquisition to conclude in March last year already.
The Kabwe mine was previously operated by Anglo American and Zambia Consolidated Copper Mines for 88 years before its closure in 1994 owing to commodity price factors.
It was ranked as one of the world’s highest-grade zinc and lead mining operations.
Shuka has already tasked a company called GeoQuest to review the site’s historical drilling data and to conduct a geophysical survey on the licence area, to ensure an accelerated work programme once Shuka owns the project.
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