16th Jan 2026 08:17
(Alliance News) - Shuka Minerals PLC said on Friday it has completed its acquisition of Leopard Exploration & Mining Ltd in Zambia.
The Africa-focused mine operator and developer now owns and operates Leopard Exploration's Kabwe zinc mine.
Shuka bought Leopard Exploration in a share-and-cash deal for USD4.5 million and 2 million warrants.
"It is a very exciting time for Shuka, and I am very pleased to advise that we have now completed the 100% purchase of Leopard Exploration and Mining, and with it, the world-class asset of the Kabwe Mine," Shuka Chief Executive Officer Richard Lloyd said in a statement on Friday.
The takeover comes after Shuka early this week said it would raise GBP3 million to help fund its projects in Zambia and Tanzania, and wrap up the Leopard Exploration transaction.
Shuka raised GBP1.0 million through the placing of 25.0 million new shares at 4 pence each. Shuka also said participants in the placing would be issued one warrant for each placing share, exercisable at 8p apiece, raising an additional GBP2 million.
The deal had run into delays after a loan from Gathoni Muchai Investments Ltd was held up.
Late in June last year, Gathoni Muchai agreed to increase its loan to Shuka from GBP1.5 million to GBP2 million.
Shares in Shuka were flat at ZAR1.10 on Friday morning in Johannesburg.
By Artwell Dlamini, Alliance News senior reporter South Africa
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