Shuka Minerals PLC - London-based mining company with operations in Africa - Announces Friday that it will proceed with its acquisition of a major brownfield base metals project located in East Africa, following a month-long review. The site has an in-situ value of USD1.98 billion and an internal rate of return of 122%.

To fund the acquisition, Shuka has entered into a EUR2.0 million unsecured convertible loan note agreement with Hsinchu-based AUO Commercial Brokerage LLC, a wholly-owned subsidiary of Q Global Commodities Group, the Sandhurst-based investment fund. The notes have a subscription date of 31 March 2025 and annual coupon of 3%, with a redemption date of 31 March 2026.

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By Aidan Lane, Alliance News reporter

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