3rd Nov 2025 10:31
Shuka Minerals PLC - Africa-focused mine operator and developer - Says it is yet to receive loan funds from Gathoni Muchai Investments Ltd. A week ago, Gathoni Muchai had indicated that funds would be processed by Friday last week. Gathoni Muchai reports that administrative issues prevented the payments from proceeding last week, though it is confident of payments to Shuka this week.
The loan to facilitate Shuka's acquisition of Leopard Exploration & Mining Ltd in Zambia was held up due to administrative and regulatory matters in Kenya. Early in July, Gathoni Muchai agreed to increase its loan to Shuka by GBP1.5 million to GBP2 million. This extension covered the balance of USD1.35 million or GBP1.0 million due to vendors of Leopard Exploration. "It is disappointing to be reporting a further delay, though we have been assured by GMI that funding to allow the completion on Kabwe will soon be provided," Shuka Chief Executive Officer Richard Lloyd says.
Current stock price in London: 5.34 pence, down 11% on Monday
12-month change: down 26%
Current stock price in Johannesburg: ZAR1.32
12-month change: down 12% since listing on JSE in May
By Artwell Dlamini, Alliance News senior reporter South Africa
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