22nd May 2025 11:31
(Alliance News) - Shuka Minerals PLC said on Thursday it plans to restart its Rukwa coal mine in Tanzania, noting that the capital expenditure required to restore production there is "modest".
The Africa-focused mine operator and developer also said it listed on the Johannesburg Stock Exchange on Wednesday, a day earlier than planned. It had been expected to debut on the JSE on Thursday.
"We are delighted to welcome Shuka Minerals to the JSE's Altx board," Valdene Reddy, director of capital markets at the JSE, said on Wednesday.
"This listing represents a meaningful step for both the JSE and Shuka, offering South African investors access to a diversified African mining company through our streamlined fast-track listing process," Reddy said.
In a statement on Thursday, Shuka Chief Executive Officer Richard Lloyd said the restart of Rukwa is essential to return some operational cashflow to the company.
"The asset has lacked the care and funding required to have a meaningful operation. However, a methodical approach to capex planning and budgeting, as well as benefiting from the sales of stockpiles, will breathe life back into the operation," Lloyd said, adding that only modest capex is required to restart operations and test the wash plant.
"From there we can gradually ramp up production and return Rukwa to historic levels of production and beyond," he said.
In London, Shuka shares were down 14% to 3.00 pence on Thursday, but they were quoted up 17% to ZAR1.75, about 7 pence, in Johannesburg.
By Artwell Dlamini, Alliance News reporter
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