Shuka Minerals, an Africa-focused mine operator, has received the final regulatory approval from the Competition and Consumer Protection Commission (CCPC) for its acquisition of Zambia-based Leopard Exploration and Mining (LEM).

The approval paves the way for the completion of the transaction, which includes the Kabwe Zinc Mine in Zambia.

The company had previously extended the completion date for the acquisition to 11 June 2025, due to the pending approval from the CCPC.

With all other necessary approvals already secured, the interim unconditional authorisation is a significant milestone for Shuka Minerals.

The technical committee of the board of commissioners of the CCPC granted the authorisation, confirming no significant grounds for action against the acquisition under the Zambian Competition and Consumer Act.

This decision allows Shuka Minerals to proceed with the share and cash-based transaction to acquire 100% of LEM's share capital.

Shuka Minerals CEO Richard Lloyd said: “Receipt of the interim unconditional authorisation from the Technical Committee of the CCPC is another major milestone for us.

“This authorisation allows us to now move ahead and finalise the acquisition of Leopard Exploration and Mining and the Kabwe Zinc Mine, whilst we wait for the Board of Commissioners of the CCPC to formally meet and provide the final approval, and will allow 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."

LEM holds a large-scale mining licence for the Kabwe Mine, which is located approximately 110km north of Lusaka, Zambia's capital.

The mine was previously operated by Anglo American and Zambia Consolidated Copper Mines and was in production for 88 years until its closure in 1994.

The acquisition of LEM and the Kabwe Mine represents a strategic growth opportunity for Shuka Minerals, positioning the company to expand its operations in the region and leverage the mine's potential.