Shuka Minerals Completes Acquisition of Kabwe Zinc Mine in Zambia
Shuka Minerals Acquires Kabwe Zinc Mine, Securing One of the World’s Highest-Grade Zinc Assets
AIM- and AltX-listed Shuka Minerals has completed the acquisition of Leopard Exploration and Mining (LEM) and the historic Kabwe Zinc Mine in Zambia, concluding a lengthy acquisition process.
With the transaction finalised, Shuka has secured ownership of one of the world’s richest and most significant zinc deposits, with ore grades reaching up to 43 per cent zinc.
The Kabwe Mine has a long operational history, with more than 14 million tonnes of ore extracted since commercial production began in 1904.
Shuka has confirmed that the mine still contains an estimated 5.7 million tonnes of mineral resources, comprising approximately 700,000 tonnes of zinc and 100,000 tonnes of lead, with a combined in-situ value exceeding US$2 billion.
Following a recent £1 million equity raise, the company plans to undertake an extensive exploration and evaluation programme. This will include confirmatory and step-out diamond drilling, airborne and ground magnetic surveys, geophysical and geotechnical studies, and the construction of a sample preparation laboratory at the site.
Shuka has already commenced fieldwork activities at Kabwe and expects that, by the end of the year, it will have further defined the existing orebodies and refined new exploration targets beyond the current mining licence area.
Shuka Minerals Chief Executive Officer Richard Lloyd reaffirmed the project’s Phase 1 development economics, citing an expected pre-tax cash flow of US$1.84 billion and a net present value of US$561 million.
