Shuka Minerals

What Shuka Minerals does

Shuka Minerals Plc is a dual-listed exploration and development mining company focused on critical and strategic minerals in Africa. The company operates two principal assets: the Rukwa Coal Project in southwest Tanzania, an advanced-stage operation with a company-owned wash plant (12,500 tonnes/month capacity) producing washed coal for cement manufacturers and steel works, and the Kabwe Zinc Mine in central Zambia, acquired in January 2026 via a 100% purchase of Leopard Exploration and Mining Limited. Kabwe is a historic high-grade zinc-lead producer (operated by ZCCM and AngloAmerican from 1904 to 1994) with a current NI 43-101 resource of 6.8Mt at 13.3% Zn and 3.3% Pb, with Phase 1 drilling targeting a 50% resource increase by 2026; initial drill hole KBDD01 returned grades up to 65.7% Zn against a pre-drill resource of 11.4% Zn.

Shuka's revenue model rests on direct industrial sales of washed and unwashed coal under negotiated long-term contracts (notably up to 9,000 tonnes/month to a Rwandan cement manufacturer and a Ugandan steel works) and forward optionality on base-metals revenue once Kabwe enters production. The GTM motion is sales-led B2B, with products delivered by truck or by barge on Lake Tanganyika to Rwanda, Burundi and Uganda, exploiting Rukwa's ~700km northerly location advantage versus southern African coal sources. The company is publicly listed on the London Stock Exchange (AIM) and the Johannesburg Stock Exchange (AltX) under ticker SKA, having incorporated in England and Wales in 2010 (as Edenville Energy Plc), rebranded to Shuka Minerals Plc in August 2023 after cornerstone investments from Q Global Commodities Group and Gathoni Muchai Investments Limited.

Financially, Shuka is at a development-stage inflection point. Reported revenue is negligible (£0 for H1 2025; £2,305 for FY2024), with cashflow breakeven at Rukwa estimated at approximately 4,500 tonnes of washed coal sold per month. The Phase 1 Kabwe development has been independently assessed by Behre Dolbear (2023) as generating US$1.84 billion in pre-tax cash flows and an NPV10 of US$561 million for that phase alone — a valuation-based signal rather than current cash generation. Headcount is 1–10 employees, consistent with a lean, asset-focused mining model that outsources drilling (Ox Drilling), geology (GeoQuest), advisory (Cairn Financial, Strand Hanson, Tavira, Peterhouse), and legal (Fasken Martineau).

Name

Shuka Minerals

Legal name

Shuka Minerals Plc

Website

https://shukaminerals.com

Company type

Public

Founded year

2010

Operating status

Operating

Headcount range

1–10 employees

Short description

Shuka Minerals Plc is a dual-listed (LSE AIM and JSE AltX) African mining developer operating the Rukwa coal-to-cement supply operation in Tanzania and the recently acquired Kabwe zinc-lead mine in Zambia, targeting critical minerals and industrial coal customers.

Ownership category

akta.pro rank

Product category

Base Metals and Coal Mining

NAICS

Copper, Nickel, Lead, and Zinc Mining (212230), Surface Coal Mining (212114)

SIC

Metal Mining (1000), Bituminous Coal & Lignite Mining (1220)

akta.pro industry

PRIMARYIMAKAFAL

Exploration & Resource Development (Critical Minerals)

Industrials, Manufacturing & Construction/Metals & Mining/Battery & Critical Minerals Mining (Lithium, Nickel, Cobalt, Graphite, Manganese, Rare Earths)

SECONDARYIMAKAIAA

Thermal Coal Mining (Steam Coal)

Industrials, Manufacturing & Construction/Metals & Mining/Coal Mining

Keywords

• Zinc mining
• Coal mining
• Base metals exploration
• Mineral development
• Thermal coal supply

Headquarters

HQ city

Nairobi

HQ country

Kenya

HQ region

Africa

Offices3 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Operations, Supply Chain, Personnel, Technology or R&D, Marketing or Sales, Infrastructure

Revenue model

1. Coal Sales: Sale of washed and unwashed coal from the Rukwa Coal Project in Tanzania to industrial customers including cement manufacturers and steel works in domestic and regional markets
2. Coal Supply Contracts: Long-term contracts for supply of washed coal, including contracts for up to 6,000 tonnes/month to Rwandan cement manufacturer and up to 3,000 tonnes/month to Ugandan steel works
3. Zinc and Lead Mining: Future revenue from Kabwe Zinc Mine in Zambia, targeting zinc, lead, silver, vanadium oxide, gallium and germanium production. Behre Dolbear assessed phase 1 development generating pre-tax cash flows of US$1.84 billion

Go-to-market motion2 records

Distribution channels1 record

Marketing channels6 records

Core offering

Shuka Minerals is an exploration and development mining company that produces and sells washed thermal coal from the Rukwa Coal Project in Tanzania to industrial customers, and is developing the historic Kabwe Zinc Mine in Zambia for future production of zinc, lead, silver, vanadium, gallium and germanium concentrates. The company generates revenue primarily through long-term coal supply contracts with cement manufacturers and steel works in East Africa.

Product overview

Shuka Minerals Plc is a dual-listed exploration and development mining company focused on critical and strategic minerals across Africa. The company operates two primary mining assets: the Kabwe Zinc Mine in Zambia (a historic zinc and lead producer with current estimated resources of 6.8Mt at 13.3% zinc and 3.3% lead) and the Rukwa Coal Project in Tanzania (an advanced-stage coal mine with washing facilities). The company also holds exploration interests through its acquisition of Leopard Exploration and Mining Limited (LEM) and is targeting a 50% increase in the existing Kabwe resource through its 2026 exploration programme.

Differentiator

Problem solved

Functional benefit

Products and services

• Kabwe Zinc Mine A historic zinc and lead mining operation in central Zambia acquired in January 2026. Current estimated resources of 6.8Mt at 13.3% zinc and 3.3% lead, with orebodies open at depth. Phase 1 development targeted to produce zinc, lead, silver, vanadium oxide, gallium and germanium. Behre Dolbear assessed US$1.84 billion pre-tax phase 1 cash flows and US$561 million NPV10.
• Rukwa Coal Project An advanced-stage coal mining project in southwest Tanzania with a wash plant owned and operated by the company (12,500 tonnes per month processing capacity). Produces washed and unwashed thermal coal for sale to industrial customers in Tanzania, Rwanda, Uganda and Burundi. Holds a mining licence over Mkomolo, an Environmental Impact Assessment Certificate, and a government-certified weighbridge.

Quantifiable outcome

• 50% resource increase targeted by 2026 through Phase 1 drilling programme
• +4 more outcomes

Named customers3 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature2 records

Partnerships

Ten partnerships are on record, tiered core and minor.

• Leopard Exploration and Mining Limited (LEM)coreStrategic or Co-development PartnerAcquisition target company owning the Kabwe Zinc Mine in Zambia. Shuka Minerals acquiring 100% of LEM to own the Kabwe project containing estimated resources of 5.723Mt with over 700Kt zinc and 100Kt lead.
• GeoQuest LimitedcoreTechnology or IntegrationGeological consulting team on site at Kabwe project overseeing Phase 1 drilling programme. Company led by CEO Richard Lloyd with GeoQuest team managing drilling operations and ore body targeting.
• Ox Drilling LimitedcoreImplementation/ SI/ Consulting PartnerDrilling contractor engaged for Phase 1 drilling programme at Kabwe. Contractor with 21 years established operating experience in Zambia.
• Cairn Financial Advisers LLPcoreImplementation/ SI/ Consulting PartnerAppointed as nominated adviser effective February 23, 2026. Provides regulatory advisory services for AIM Rules compliance.
• AcaciaCap Advisors Proprietary LimitedcoreImplementation/ SI/ Consulting PartnerJSE Sponsor and Listing Advisor for the company's secondary listing on Johannesburg Stock Exchange AltX.
• Tavira Financial LimitedcoreImplementation/ SI/ Consulting PartnerLead broker for the company on AIM, providing corporate broking and market-making services.
• Strand Hanson LimitedcoreImplementation/ SI/ Consulting PartnerFinancial and Nominated Adviser providing advisory services for AIM Rules compliance and corporate finance guidance.
• Peterhouse Capital LimitedminorImplementation/ SI/ Consulting PartnerJoint corporate broker appointed to work alongside Tavira Securities Limited to strengthen reach with investors.
• Fasken Martineau LLPminorImplementation/ SI/ Consulting PartnerLegal advisers based in London providing corporate legal counsel.
• Mayflower Children's FoundationminorOthersLondon-Kenyan based charity organisation focused on improving children's welfare through financial, moral and physical support. Partnership as part of Corporate Social Responsibility programme.

Scale indicators12 records

Recent moves7 records

Expansion highlights6 records

Broad incumbents

• Anglo American plc: Global diversified mining major with historical zinc-lead operations in Zambia and across southern Africa; comparable as the historical operator of the Kabwe mine (via predecessor ZCCM and Anglo American) until 1994, providing a natural long-term benchmark for the asset.
• Eurasian Resources Group (ERG): Major diversified miner with extensive operations across Africa producing copper, cobalt, and zinc; relevant as a broad incumbent African base-metals player that Kabwe could potentially supply or partner with.

Direct peers

• Marula Mining Plc: AIM-listed Africa-focused mining and development company with interests in coal, copper, manganese, and battery metals; shares the same CEO (Richard Lloyd) and overlapping director network, making it the most directly comparable small-cap Africa mining peer.
• Bushveld Minerals Limited: AIM- and JSE-listed critical-minerals company focused on vanadium and energy storage, with an Africa platform and processing assets; comparable multi-listed structure and focus on critical minerals for the energy transition.
• Kibo Energy Plc: AIM-listed Africa-focused energy and mining company with coal and power project interests in southern Africa; directly comparable as a small-cap, Africa-listed developer of coal assets in similar geographies.
• Trigon Metals Inc. JSE-listed base-metals developer with copper-silver operations in Namibia and Morocco; comparable as a small-cap Africa-focused base-metals developer pursuing resource expansion and project development.

Emerging players

• Chaarat Gold Holdings Limited: AIM-listed gold and copper developer with assets in Central Asia; comparable as a small-cap, multi-jurisdictional development-stage miner focused on advancing a single large asset to production.
• Hummingbird Resources Plc: AIM-listed gold miner with producing operations in West Africa; comparable as a small-cap, Africa-focused single-commodity miner pursuing growth in a similar regulatory and logistics environment.
• Central Asia Metals Plc: AIM-listed base-metals producer focused on copper, zinc, and lead assets in Central Asia; comparable as a publicly listed developer-producer of zinc and lead concentrates from a single large asset.
• Beowulf Mining Plc: AIM-listed early-stage mining developer with iron ore, base-metals, and graphite assets primarily in Sweden and Kosovo; comparable as a small-cap AIM-listed explorer-developer building a critical-minerals portfolio.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key highlights7 records

Customer concentration

• Xx.com/Shukaminerals_
• LinkedInlinkedin.com/company/shuka-minerals
• Instagraminstagram.com/shukamineralsplc

Revenue estimate

Valuation estimate

Number of profiles

Profiles5 records

Subsidiaries2 records

Funding overview

Funding rounds3 records

Investors2 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Shuka Minerals