In this interview, StockBox spoke to Richard Lloyd CEO at Shuka Minerals about the company’s exciting progress in Zambia and beyond.
- Kabwe Acquisition Nears Completion: Shuka is finalising its 100% acquisition of the Kabwe project in Zambia, one of the world’s richest historical zinc mines.
- Aggressive Exploration Plans Ready: The company is set to launch an extensive drilling campaign along with detailed metallurgical studies to validate historic data and optimise resource recovery.
- Rukwa Project to Generate Early Cash Flow: In Tanzania, Shuka is restarting operations at Rukwa with minimal capex, aiming to monetize stockpiled fines and explore JV opportunities for added value
Time stamps:
00:00 – Financing Secured: Unlocking Kabwe Richard Lloyd opens with the long-awaited funding progress toward acquiring 100% of the Kabwe project in Zambia, highlighting shareholder patience and the staged deal structure.
00:50 – World-Class Potential: Inside Kabwe’s Historic Riches Described as the world’s richest zinc mine, Kabwe historically produced billions in metal value. Rich outlines the site’s production history, its strategic consolidation, and why it’s poised for renewed development.
02:58 – $4bn In-Situ Metal Estimate: What’s Really There A breakdown of the historic output and current in-situ resource estimate—valued around $4 billion. ➡ Note: This figure is based on preliminary data; a planned exploration investment will be required to confirm this potential.
03:55 – Exploration Strategy & Drilling Design (Finance) Rich details a three-phase exploration program, including 40,000m of drilling, metallurgical testing, and geophysical surveys—all aimed at confirming resource grades and informing plant design.
05:24 – Responsible Mining: ESG as a Foundation Shuka outlines its commitment to a full environmental baseline study and a modern ESG framework, aiming to reset Kabwe’s legacy and align with today’s environmental standards.
06:50 – Community Integration: Jobs, Skills & Local Knowledge Plans to collaborate with local artisanal miners, absorb their operational knowledge, and reignite the employment engine that once supported thousands in Kabwe.
08:30 – Beyond Mining: Cultural Heritage & Community Value From the UNESCO-protected Broken Hill skull site to the idea of a visitor center, Rich discusses adding long-term community value around the project.
09:55 – Rukwa Fines: Near-Term Cash Flow from Tanzania An update on the Rukwa project, where stockpile fines are being prepared for sale. Low capex and potential for JV on briquetting offer immediate upside while exploration continues at Kabwe.
