Shuka Minerals eyes Rukwa mine restart and Kabwe mine development
Shuka Minerals PLC said on Tuesday it was focused on restarting Rukwa coal mine in Tanzania and the development of newly acquired Kabwe zinc mine in Zambia.
The Africa-focused mine operator and developer earned no revenue in 2025, after generating £2.3 million in 2024.
Over this period, pretax loss narrowed to £903,137 from £2.0 million.
The Rukwa coal mine has remained on care and maintenance through 2025, but Shuka expects a restart in the third quarter of 2026.
After 2025, Shuka began 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.
In January, Shuka completed its acquisition of Leopard Exploration & Mining Ltd in Zambia. Leopard Exploration operates Kabwe mine.
Shuka said on Tuesday the unsecured, non-convertible funding commitment from Gathoni Muchai Investments Ltd stands at £2 million, of which £1.55 million has been drawn and £448,000 remains available as at May 31, 2026.
"We believe that the continued and anticipated funding support by major shareholders, together with the investment strategy outlined above, will lead to a successful period for the business in 2026 and beyond," Shuka said.
Looking ahead, Shuka said it will continue to target additional asset acquisitions.
Shares in Shuka were up 15% to 75 rand cents on Tuesday midday in Johannesburg, and were up 0.3% to 2.91 pence in London.
Copyright 2026 Alliance News Ltd. All Rights Reserved.