REG - Shuka Minerals PLC - Interim Authorisation Received from CCPC

Shuka MineralsAnnouncement

04/06/2025 11:00

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RNS Number : 4144L  Shuka Minerals PLC  04 June 2025

 

 

4 June 2025

Shuka Minerals Plc

("Shuka" or the "Company")

Interim Authorisation Received from Competition and Consumer Protection
Commission

Shuka Minerals Plc (AIM & ALTX: "SKA"), an African focused mine operator
and developer, is pleased to confirm that it has received interim
unconditional authorisation ("Authorisation") from the Competition and
Consumer Protection Commission ("CCPC"), for the proposed acquisition of a
100% interest in Zambian mining and exploration company, Leopard Exploration
and Mining Limited ("LEM"), which owns the Kabwe Zinc Mine ("Kabwe Mine")
located in central Zambia (the "Acquisition").

The Authorisation has been granted following a decision by the Technical
Committee of the Board of Commissioners of the CCPC to grant approval for the
Acquisition to proceed. The Authorisation has been granted on the basis that
there are no significant grounds under Section 8 and Section 16 of the Zambian
Competition and Consumer Act for action by the CCPC against the proposed
Acquisition.

The Authorisation allows the Company to proceed towards completion of the
Acquisition, as if it had the final authorisation of the Board of
Commissioners of the CCPC, and will apply up to the time a full Board of
Commissioners meeting of the CCPC is held to ratify the decision by the
Technical Committee ("Approval").

Approval from the CCPC is the final regulatory approval required by the
Company to complete the Acquisition of 100% of LEM's share capital from its
shareholders in a share and cash-based transaction.

Richard Lloyd (CEO) commented:

"Receipt of the interim unconditional authorisation from the Technical
Committee of the CCPC is another major milestone for us.

This authorisation allows us to now move ahead and finalise the acquisition of
Leopard Exploration and Mining and the Kabwe Zinc Mine, whilst we wait for the
Board of Commissioners of the CCPC to formally meet and provide the final
approval, and will allow us to now proceed with securing the proposed funding,
expected to be on a non-dilutive basis, to allow us to complete the cash-based
payment in terms of the Acquisition."

By Order of the Board

4 June 2025

ENDS

 

About Shuka Minerals:

Shuka Minerals plc, is a dynamic and innovative mining and development
company, committed to exploring and harnessing Africa's mineral resources.
Shuka's focus lies in the acquisition and development of valuable minerals,
aiming to contribute to the sustainable growth and development of local
communities.

 

Shuka has an operating coal mine in Tanzania, which capacity is under
consideration for upgrading by management depending on funding and strategic
direction. Shuka is also considering projects in Zambia, South Africa, and
other African countries that are rich in copper, lead, and zinc.

 

The Company has signed a conditional Share Purchase Agreement with Leopard
Exploration and Mining Limited ("LEM") to acquire 100% of LEM's share capital.
LEM is the registered holder of a large-scale mining license 12848-HQ-LML
issued in December 2014 for a period of 25 years, and which includes the
historical Kabwe Zinc Mine ("Kabwe Mine") located in central Zambia, approx.
110km north of the capital city of Lusaka.

 

The Kabwe Mine, was previously operated by Anglo American plc and Zambia
Consolidated Copper Mines Limited, and was mined continuously for 88 years
until its closure in 1994, due to the then current commodity prices. It was
ranked as one of the world's highest-grade zinc and lead mining operations and
is considered one of the famous mines in Africa, holding a position of
national economic importance in Zambia.

 

For Enquiries:

 Shuka Minerals Plc                      +44 (0) 7990 503007

 Richard Lloyd - CEO
 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
 Investor Relations                      +254 746 849 110

 Faith Kinyanjui Mumbi
 AcaciaCap Advisors Proprietary Limited  +27 11 480 8500

 JSE Sponsor

 Michelle Krastanov

 

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