|
|
Shuka - Kabwe transaction update
Shuka Minerals plc provided an update on the Company's proposed acquisition ("Acquisition") of the Zambian mining and exploration company, Leopard Exploration and Mining Ltd. ("LEM") and the Kabwe Zinc Mine ("Kabwe Mine") located in central Zambia.
On 19 November 2025, the Company announced settlement of an initial tranche of the Acquisition consideration, giving the Company an initial effective position of 22.2% in LEM and the world class Kabwe Mine. Further tranches were to be paid following receipt by Shuka of funds from African focused investment banking and corporate finance group Gathoni Muchai Investments Ltd. ("GMI"), pursuant to the increased loan ("GMI Loan") entered into on 30 June 2025, until Shuka's interest in LEM reached 49.9%. Thereafter, a final tranche comprising the balance of the Acquisition cash, share and warrant consideration to acquire a resultant 100% of LEM was to have been made, with completion of all tranches to have occurred by no later than 31 December 2025.
GMI have verbally advised the Company that funds will now be provided in the week commencing 5 January 2026. Accordingly, the Company has agreed with the vendors of LEM to extend the long stop date for completion of the Acquisition to 15 January 2026.
A further announcement will be made as appropriate.
|
|
Click here for original article
|
| |
| |
| Click here for full news archive for this company |
|
| Closing price data source: JSE Ltd. All other statistics calculated by ProfileData. |
| |
|
|
