Zambian Mining News The Premium Source of Information on The Zambian Mining Industry
Related Articles
The acquisition of Zambian mining company Leopard Exploration and Mining (LEM), together with the historic Kabwe zinc mine, by Shuka Minerals has been completed, bringing a protracted transaction process to a close. The deal hands Shuka control of one of the world’s highest-grade zinc deposits, with historical grades reaching up to 43% zinc.
More than 14 million tonnes of ore have been mined at Kabwe since commercial production began in 1904. Shuka estimates that 5.7 million tonnes of resources remain, containing about 700,000 tonnes of zinc and 100,000 tonnes of lead, with a combined in-situ value exceeding $2 billion.
Following a recent £1 million equity raise, the company has commenced on-site fieldwork and plans a comprehensive exploration and evaluation programme. This includes confirmatory and step-out diamond drilling, airborne and ground magnetic surveys, geophysics and geotechnical studies, as well as the construction of a sample laboratory at the mine.
By the end of 2026, Shuka aims to further define the Kabwe orebodies and refine exploration targets beyond the current licence area. Chief Executive Richard Lloyd reaffirmed the project’s Phase 1 development metrics, citing an expected pre-tax cash flow of $1.84 billion and a net present value of $561 million, underscoring Kabwe’s potential to anchor Shuka’s growth strategy in southern Africa.
