At a Glance
- Deal gives Shuka full ownership of Kabwe, among the world’s highest-grade zinc mines.
- Historic Zambian mine hosts $2 billion in-situ resources with strong long-term economics.
- Shuka plans drilling, studies and environmental work as field activities begin immediately.
Shuka Minerals Plc, a Kenyan-based dynamic and innovative mining and development company, has completed the acquisition of 100 percent of Leopard Exploration and Mining Limited, securing full ownership and operational control of Zambia’s world-class Kabwe Zinc Mine, one of the richest zinc assets ever discovered globally.
The AIM- and JSE AltX-listed African-focused mining company said the completion marks a major milestone in its strategy to build a high-value base metals portfolio across the continent. This milestone comes after an earlier delay this year.
Acquisition details
With the deal finalized, Shuka now owns and operates the Kabwe Mine outright, consolidating an asset with exceptional grades and long-term economic potential.
Kabwe Zinc Mine is globally renowned for its extraordinary ore quality, with zinc grades historically reaching as high as 43 percent and average production grades of around 25 percent.
Why Kabwe matters
Mining at Kabwe dates back to 1904, and more than 14.56 million tonnes of ore have been extracted to date, underscoring its status as one of the most prolific zinc operations in mining history.
Despite over a century of production, the asset still hosts an estimated 5.723 million tonnes of remaining resources, including approximately 700,000 tonnes of zinc and 100,000 tonnes of lead. Independent estimates place the in-situ value of these resources at over $2 billion.
Resource size and economics
A previously outlined Phase 1 development scenario indicates potential pre-tax cash flows of $1.84 billion and a net present value (NPV10) of $561 million, according to a 2023 NI 43-101 report.
Shuka’s Chief Executive Officer, Richard Lloyd, described the acquisition as transformational, noting that the company is now positioned to unlock significant value from Kabwe. He said Shuka will immediately roll out its 2026 work programme, covering geological and geophysical studies, drilling campaigns, environmental baseline assessments and reserve upgrades.
With a market capitalisation of under £5 million ($6.69 million), Lloyd said the company believes the value of Kabwe is not yet reflected in Shuka’s share price. Fieldwork is set to commence this month, with further updates expected as development activities accelerate.
