IN BRIEF: Shuka Minerals shares hit on Leopard Exploration fund delay

Shuka Minerals PLC - Africa-focused mine operator and developer - Says funding to facilitate its acquisition of Leopard Exploration & Mining Ltd in Zambia has been delayed. Leopard Exploration is a Zambian mining and exploration company that owns the Kabwe zinc mine. Early in July, Gathoni Muchai Investments agreed to increase unsecured, interest-free and non-convertible loan to Shuka by £1.5 million to £2 million. This extension covered the balance of the cash consideration of $1.35 million or £1.0 million due to vendors of Leopard Exploration.

Shuka says Gathoni Muchai has informed it that the remittance of the funds has been delayed due to administrative matters and required regulatory clearances in Kenya. Gathoni Muchai is exploring alternate means to expedite payment. Also says it remains in discussions with potential purchasers for ‘fines’ product. Late in June, it said 60,000 tonnes of ‘fines’ were stockpiled on surface at its Rukwa operation in Tanzania, and it hoped to achieve a sales price of $7 per tonne to $8 per tonne for this material.

Current stock price in London: 2.95 pence, down 7.8% on Thursday

12-month change: down 56%

Current stock price in Johannesburg: 90 rand cents

12-month change: down 40% since listed on JSE in May

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