Jin Tuo, which has bought the mine at US$0.0025 million, is a wholly owned subsidiary of the Jinchuan Group Resources Holdings Limited, a majority shareholder of Albidon Limited.
Company secretary Chabby Chabala said the shareholders of Albidon had approved the acquisition of the company to Jin Tuo.
Mr Chabala said ZCCM-IH has started negotiations with the Jinchuan Group Resources Holdings Limited to facilitate for sustained investment in Albidon Munali Nickel project.
According to the company’s half-yearly summary for the period ended September 30, 2013, the proposal was made to all shareholders other than Jinchuan Group via a statutory merger pursuant to the British Virgin Islands (BVI) business Companies Act 2004 as amended.
Mr Chabala said as a result, the company’s shares would no longer be listed on the Australian Stock Exchange (ASX) whilst Jin Tuo will be struck off the register of companies in the BVI.
“The company’s shares will now no longer be listed on the ASX whilst Jin Tuo will be struck off the register of companies in the BVI,” Mr Chabala said.
Meanwhile, ZCCM-IH recorded a turnover of K203.7 million during the six months period ended September 30, 2013 which is 46 per cent below the K375.8 million achieved the previous year.
Mr Chabala said the group achieved a turnover of K203.7 million as compared to K375.8 million recorded during the same period last year.
He said the decline in the group turnover was as a result of a drop in dividends earned from K232.7 million during the same period in 2012 to K45.2 million in the six months ended September 30, 2013.
Mr Chabala said K43 million was earned from Kansanshi mine while K2 million was from Chibuluma mine.