Shuka Minerals eyes Kabwe study and Rukwa restart after interim loss

Shuka Minerals PLC reported on Wednesday that it was on track to move to the next stage of exploration at its mine in Zambia, while resuming operations in Tanzania.

The Africa-focused mine operator and developer said it looked forward to a strong end to 2026 with a second phase of drilling at Kabwe zinc mine in Zambia and a restart of Rukwa coal mine in Tanzania.

Shuka completed its acquisition of Leopard Exploration & Mining Ltd in Zambia in January this year. Leopard Exploration operates Kabwe mine.

It is undertaking a three-phase exploration and development programme at the Kabwe mine, as part of its plans to re-commence both open-pit and underground mining and processing operations.

As at June 30, cash and cash equivalents stood at £47,618, up from GTBP16,622 at June 30, 2025.

Shuka said it was fully funded to start the phase one drilling campaign at Kabwe during the first half. "The evaluation of the Kabwe project remains the company's primary target going forward," the company said.

For the six months that ended June 30, pretax loss widened to £408,721 from £376,370 a year earlier. But operating loss narrowed to £369,610 from £376,370.

Loss per share and headline loss per share shrank to 0.33 pence from 0.53p.

Shares in Shuka were down 4.1% to 3.50 pence in London on Wednesday afternoon, but were flat at 85 rand cents in Johannesburg.

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