According to Mining News Pro - State-owned CNMC 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.
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The transfer, which was first flagged in September last year with no value placed on the deal, will see NFC take control of the group`s copper and cobalt assets in Zambia and the Democratic Republic of Congo.

NFC is seeking to raise up to 3.2-billion yuan via a share issue to fund some of the Africa projects.
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Almost half will be invested in the Kambove copper smelter in the DRC, with 840-million yuan going to the Lualaba copper smelter, also in the DRC, and 490-million yuan to the Chambishi Southeast copper/cobalt mine in Zambia, according to the filing.