Business
Interim Results for the six months to 30 June 2023
Interim Results for the six months to 30 June 2023.
About this update from Shuka Minerals Plc
[{"type":"text","content":"\n\n25 September 2023\nSHUKA MINERALS PLC\n(\"Shuka\" or the \"Company\")\n \nInterim Results for the six months to 30 June 2023\n \n \nShuka Minerals plc (AIM: SKA), an African focused mine operator and developer, announces the Company's unaudited interim results for the six months ended 30 June 2023.\n \nCEO'S report\n \nI am pleased to present the Company's Interim Results for the six-month period from 1 January 2023 to 30 June 2023. The period was a transformative one for the Company, particularly from a corporate perspective with a strategic investment of £1.47 million secured from two African focused mining investment groups, an intended significant restructuring of the Board of Directors, a change of name to Shuka Minerals plc (which was successfully approved by shareholders subsequent to the end of the period) and the application of the funds raised to not only fund its ongoing working capital requirements at its operating Rukwa Coal Mine, but also to fund due diligence costs associated with ongoing review work of potential new and strategically complimentary projects in Africa.\n \nThe most notable development during the six-month period, was the strategic investment that the Company was able to secure with Q Global Commodities Group, one of South Africa's leading independent commodity, mining, logistics and investment funds and with Gathoni Muchai Investments Limited, an East Africa based mining investment group. As part of this investment, the Company received an aggregate £1.47 million of new funding, with £575,000 received in June 2023, and the £893,000 balance received in September 2023 following shareholder approval at the Annual General Meeting held on 3 August 2023.\n \nIn conjunction with this strategic investment, the Company commenced a major restructuring and strengthening of its Board, and I was pleased to confirm the appointment of Mr Jason Brewer, a director of Gathoni Muchai Investments and the CEO of London-listed Marula Mining Plc, as Executive Director of the Company in June 2023. I am also looking forward to the proposed appointment of Mr Quinton van der Burgh later this year, who is the founder and CEO of Q Global Commodities and one of South Africa's leading mining entrepreneurs, and who will join the Company as Director and Non-Executive Chairman, subject to...