Shuka Minerals has announced that the final funding for its acquisition of Leopard Exploration and Mining Limited (LEM) and the Kabwe Zinc Mine has been temporarily delayed, though the payment is now underway.
In a market update, the company stated that Gathoni Muchai Investments Limited (GMI) has informed it of a further delay in remitting funds from a loan agreement signed on 30 June 2025.
The $1.35 million payment is intended to settle the balance of cash consideration owed to the vendors of LEM.
According to the announcement, GMI is completing "alternate means to expedite payment", but has confirmed that "payment is now in process."
Shuka Minerals said it currently expects the funds to be cleared into its bank account next week.
The company emphasised that the LEM vendors remain supportive of completing the transaction, which will proceed once the cash payment is made and other consideration is transferred.
Mathew Nyaungwa, Editor-In-Chief, Rough&Polished
