CNMC to transfer Africa copper, cobalt assets to engineering arm
China Nonferrous Mining Corp (CNMC) said late on Monday its parent had agreed to sell its 74.52% stake in the company to the group’s engineering arm for 7.36 billion yuan ($1.06 billion) in a restructuring move. State-owned China Nonferrous Metal Mining Group is selling its 2.6 billion shares to its 33.75%-owned subsidiary, China Nonferrous Metal Industry’s Foreign Engineering and Construction, known as NFC, according to a filing to the Hong Kong stock exchange, which did not provide a reason for the move. The transfer, which was first flagged in September last year with no…
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