Sinomine Resource Group (SHE:002738) agreed to sell its Zambia-based subsidiary, Mumbwa Solar Power Station, for $2, according to a Shenzhen Stock Exchange filing on Wednesday.
Jindi Solar Power Station Corporation Zambia and Taihao Service Zambia are the buyers and the Chinese lithium miner will dispose the Mumbwa Solar Power Station through its units, Hong Kong Solar Power Station and Sinomine International Exploration (Hong Kong).
Mumbwa Solar Power was established to construct 50-megawatt photovoltaic power station for the Kitumba copper mine in Zambia. The disposal will help accelerate the project's construction and the resolution of the project's funding issues, the disclosure said.
As part of the transaction, HK Solar Power Station will transfer its creditors' rights, which amount to $3.2 million, to Zambia Jindi.
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