Shuka receives interim authorisation for Zambia project acquisition
London- and Johannesburg-listed Shuka Minerals has received interim unconditional authorisation from the Competition and Consumer Protection Commission (CCPC), in Zambia, for the proposed acquisition of a 100% interest in Zambian mining and exploration company, Leopard Exploration and Mining (LEM), which owns the Kabwe zinc mine.
The company notes that authorisation has been granted following a decision by the technical committee of the board of commissioners of the CCPC to grant approval for the acquisition to proceed.
The authorisation has been granted on the basis that there are no significant grounds under Sections 8 and 16 of the Zambian Competition and Consumer Act for action by the CCPC against the proposed acquisition.
Shuka explains that the authorisation allows it to proceed towards completion of the acquisition as if it had the final authorisation of the CCPC’s board of commissioners, and will apply up to the time a full board of commissioners meeting of the CCPC is held to ratify the decision by the technical committee.
Approval from the CCPC is the final regulatory approval required by the company to complete the acquisition of 100% of LEM's share capital from its shareholders in a share- and cash-based transaction.
"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 LEM and the Kabwe zinc mine, while 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 nondilutive basis, to allow us to complete the cash-based payment in terms of the acquisition,” says CEO Richard Lloyd.
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