JOHANNESBURG (miningweekly.com) – London-listed Africa-focused mining and exploration company Shuka Minerals, which sealed a secondary listing on the alternative exchange of the Johannesburg Stock Exchange (JSE) earlier this month, has secured a 100% interest in the Zambian mining and exploration company that the zinc miner has been targeting in the centre of the Central African country.

When it dual listed on the JSE AltX on June 6, it reported that it was finalising the purchase of Zambia’s zinc, lead, silver and vanadium Kabwe mine.

“We’re going to redevelop that,” Shuka CEO Richard Lloyd declared as he and Shuka director Edu Ruheni beat the African drum with great gusto at the high-spirited event, covered by Mining Weekly.

Interestingly, Kabwe was previously operated by Anglo American and Zambia Consolidated Copper Mines, for 88 years before being closed in 1994 during a period of low commodity prices.

“It’s a matter of understanding the geology,” said geology and financial backgrounded Lloyd, who is intent on dewatering various pits while keeping paramount social responsibility imperatives.

Shuka stated in a JSE Stock Exchange News Services announcement on Thursday, June 12, that final authorisation had been approved by the Board of Commissioners of the Competition and Consumer Protection Commission for the proposed acquisition of Leopard Exploration, which owns Kabwe.

Terms have been agreed on a £1.5-million nondilutive and unsecured facility, subject to completion of the company’s due diligence and signing of definitive funding documentation, to provide funding for the $1.35-million balance of cash due to vendors Leopard Exploration, which has agreed to $3-million being settled through the issue of 28 640 042 new ordinary Shuka shares, representing 29.99% of the company’s enlarged issued share capital.

Shuka has also agreed to issue Leopard Exploration with a further 2 000 000 warrants with an exercise price of 12.5p, subject to Leopard Exploration not holding more than 29.99% of the total voting rights. The completion date of the acquisition is no later than June 30.