By: Energy capital power

Africa-focused mining company Shuka Minerals has received interim unconditional authorization for the acquisition of a 100% stake in mining and exploration company Leopard Exploration and Mining Limited (LEM). LEM owns the Kabwe Zinc Mine in central Zambia.

The Technical Committee of the Board of Commissioners of Zambia’s Competition and Consumer Protection Commission (CCPC) has granted authorization, signaling a step towards the acquisition’s approval. Shuka Minerals will now proceed with attaining the final regulatory approval by the CCPC.

“This authorization allows us to now move ahead and finalize the acquisition of LEM and the Kabwe Zinc Mine, whilst we wait for the Board of Commissioners of the CCPC to formally meet and provide the final approval. It allows us to now proceed with securing the proposed funding, expected to be on a non-dilutive basis, to allow us to complete the cash-based payment in terms of the acquisition,” stated Richard Lloyd, CEO of Shuka Minerals.