Sinomine Resource (SHE:002738), through its subsidiaries, agreed to sell African Inkalamo Mining for $19.5 million, according to a Tuesday disclosure on the Shenzhen bourse.
The subsidiaries, Sinomine Hong Kong Rare Earth Resources and Sinomine International (Zambia) Engineering will offload 99% and 1%, respectively, of their stake in the Zambia-based company to Sino Great Chemical and individual investor Huang Yaochi.
African Inkalamo owns a large-scale mining area with 2.78 million tons of rare earth oxides and 21.82 million tons of associated apatite phosphate ore resources. The license is valid until Dec. 23, 2049.
The lithium-ion battery raw materials manufacturer's shares rose 2% at the close.