REG - Shuka Minerals PLC - Company Update

Shuka MineralsAnnouncement

18/03/2024 07:00

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RNS Number : 1445H  Shuka Minerals PLC  18 March 2024

18 March 2024

 

Shuka Minerals Plc

("Shuka" or the "Company")

 

Company update

 

Shuka Minerals Plc (AIM: SKA), an African-focused mine operator and developer,
is pleased to provide the following update.

 

Regarding its Rukwa coal mining asset, following resolution of the dispute
with Upendo Group, as announced on 15 February 2024, the requisite filings
have now been made in the court in Tanzania terminating the legal proceedings
and the settlement has been communicated to the relevant authorities. Upendo
shall shortly have their representative join the board as one of six directors
of the local subsidiary and there is optimism that this will assist the
development and progression of the Company's prospects at Rukwa, where
operations have remained challenging, with limited coal production. The
operations have been on hold recently due to the rainy season. While local
mining staff were on annual leave during this period, they return to the mine
this week to prepare for a new production cycle. Demand in regional markets
continues to appear robust. Following resumption of normal activities, the
Company will review its targeted production rates and provide further updates
as appropriate.

 

In addition, the Board is continuing to review potential acquisitions of
additional advanced mining and mine development projects located in Africa,
including one such opportunity which is being actively progressed and meets
the Company's key acquisition criteria, with a focus on a commodity other than
coal. While the Board is excited by the potential of the opportunity and has
concluded its due diligence there can be no guarantee that any transaction
will proceed to definitive documentation, or as to the eventual terms or
timing of such transaction.

 

Further announcements regarding progress at Rukwa and the Company's
acquisition strategy will be issued as appropriate.

 

This announcement contains inside information for the purposes of Article 7 of
the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law
by virtue of the European Union (Withdrawal) Act 2018 ("MAR") and is disclosed
in accordance with the Company's obligations under Article 17 of MAR.

 

Enquiries:

 Shuka Minerals Plc                   +254 (0)743 303075

 Noel Lyons - CEO

 Jason Brewer - Executive Director

 Strand Hanson Limited                +44 (0) 20 7409 3494

 Financial and Nominated Adviser

 James Harris | Richard Johnson

 Tavira Securities Limited            +44 (0) 20 7100 5100

 Joint Broker

 Oliver Stansfield | Jonathan Evans

 Peterhouse Capital Limited           +44 (0)20 7469 0930

 Joint Broker

 Charles Goodfellow | Duncan Vasey

 Gathoni Muchai Investments           info@shukaminerals.com

 Financial PR and IR

 Faith Kinyanjui Mumbi

 

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