Shuka Minerals nears full acquisition of Kabwe zinc mine in Zambia
Shuka Minerals is nearing the completion of its acquisition of Leopard Exploration and Mining, which will give it full control of the Kabwe zinc mine in Zambia.
The company has secured all necessary regulatory approvals except one from Zambia’s Competition and Consumer Protection Commission (CCPC). Shuka expects to receive this final approval during the second quarter of 2025.
To accommodate this delay, the transaction completion deadline has been extended from March 13 to June 11, allowing additional time for regulatory clearance. Despite the delay, Shuka remains optimistic about securing the required funding to complete the acquisition, with financing discussions progressing positively with financial groups in both London and Africa.
Kabwe zinc mine
The Kabwe zinc mine has a rich history, having been operated by Anglo American and Zambia Consolidated Copper Mines for 88 years before its closure in 1994 due to unfavorable commodity prices. Historically, it was recognized as one of the world’s highest-grade zinc and lead mining operations. Shuka’s acquisition aims to revive the site’s production potential and capitalize on its strategic value.
To prepare for future operations, Shuka has appointed GeoQuest, a Zambia-based geological consultancy, to begin initial exploration activities at the site. GeoQuest will review historical drilling and exploration data to assess the resource potential of the mine. Additionally, the consultancy will carry out a geophysical survey to map the subsurface structure of the licence area. GeoQuest will also evaluate the assay results from a sampling programme conducted by Shuka in February 2025, which were sent to a Zambian laboratory for testing. The results of these tests are expected later this month and will provide valuable insights into the site’s mineral composition and metallurgical characteristics.
Shuka’s strategic approach, combining regulatory progress, financing efforts, and early-stage exploration, demonstrates its commitment to revitalizing the Kabwe zinc mine and positioning it as a key player in Zambia’s mining sector.
