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LONDON - Shuka Minerals Plc (AIM & ALTX:SKA), an African-focused mining company, has received interim authorization from the Competition and Consumer Protection Commission (CCPC) to proceed with its acquisition of Leopard Exploration and Mining Limited (LEM), which owns the Kabwe Zinc Mine in Zambia. The interim approval, announced today, allows Shuka to move forward with the transaction as it awaits final ratification from the CCPC’s Board of Commissioners.
The acquisition, which is the last regulatory hurdle for Shuka, involves a share and cash transaction to obtain 100% of LEM’s share capital. The CCPC’s Technical Committee granted the interim authorization on the basis that there were no significant grounds for action under the Zambian Competition and Consumer Act.
Richard Lloyd, CEO of Shuka, expressed that the interim authorization is a significant milestone for the company, enabling them to finalize the acquisition while they secure the proposed non-dilutive funding necessary for the cash-based payment component of the transaction.
The Kabwe Mine, previously operated by Anglo American (JO:AGLJ) plc and Zambia Consolidated Copper Mines Limited, was one of the world’s highest-grade zinc and lead mining operations before its closure in 1994. The historical mine is considered to be of national economic importance in Zambia.
Shuka Minerals currently operates a coal mine in Tanzania and is exploring opportunities to expand its mining activities to other African countries rich in minerals such as copper, lead, and zinc. The company is committed to contributing to the sustainable growth and development of local communities through its mining endeavors.
The information reported is based on a press release statement issued by Shuka Minerals Plc.
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