Shuka Minerals (AIM: SKA) reported significant progress during 2025 as it advanced the acquisition of the Kabwe zinc, lead, silver and vanadium mine in Zambia, while preparing to restart production at its Rukwa coal mine in Tanzania.
The company said Kabwe, which has an estimated in-situ metal value of around US$4 billion, remains its flagship growth project, with preliminary economic analysis indicating potential pre-tax cash flows of approximately US$1.84 billion over the life of the mine. Completion of the acquisition remains subject to the fulfilment of outstanding conditions.
At Rukwa, preparations continue for a planned restart of mining operations in the third quarter of 2026. The company estimates around £350,000 of capital expenditure will be required to return the mine to production.
To support its strategy, Shuka secured a £2 million funding commitment from Gathoni Muchai Investments, with £1.552 million drawn down by May 2026 to fund acquisitions, working capital and project development.
For the year ended 31 December 2025, the group reported an operating loss of £884,837 as it continued investing in its development projects. Auditors highlighted a material uncertainty regarding the company’s ability to continue as a going concern, reflecting the need for additional funding and the successful restart of operations at Rukwa.
The 2025 Annual Report and Accounts will shortly be available on the Company’s website at: https://www.shukaminerals.com/
