CC and Allens Arthur take top roles on new Chinalco/Rio Tinto China JV
Clifford Chance (CC) and Allens Arthur Robinson have taken lead roles on a joint venture between two of the world's largest metals producers, reports The Asian Lawyer. Aluminum Corp of China (better known as Chinalco) and British-Australian mining giant Rio Tinto Group have agreed to enter into an exploration venture to find new mineral deposits in China. The venture will initially focus on copper, with the potential to expand to coal and potash.
June 07, 2011 at 04:56 AM
2 minute read
Clifford Chance (CC) and Allens Arthur Robinson have taken lead roles on a joint venture between two of the world's largest metals producers, reports The Asian Lawyer.
Aluminum Corp of China (better known as Chinalco) and British-Australian mining giant Rio Tinto Group have agreed to enter into an exploration venture to find new mineral deposits in China. The venture will initially focus on copper, with the potential to expand to coal and potash.
Chinalco was advised by CC, with London partner Kathy Honeywood (pictured) leading the magic circle firm's team. Chinalco will have a 51% ownership of the joint venture, Chinalco Rio Tinto Exploration Co. The deal was formalised last Wednesday (1 June) and is subject to regulatory approvals.
Australia's Allens Arthur advised Rio Tinto, with a team led by Melbourne partner Scott Langford. Frank Fan, a special counsel, led a Beijing team providing additional advice.
In a statement, Tom Albanese, Rio Tinto's chief executive, described the deal as "an important milestone in the expanding relationship between Rio Tinto and China."
That relationship took a blow in 2009 when the company walked away from a $19.5bn (£11.9bn) partnership with Chinalco, causing political friction between Australia and China.
CC was also lead counsel to Chinalco when it partnered with US aluminum producer Alcoa to buy a 12% stake in Rio Tinto PLC in 2008 through Shining Prospect, Chinalco's Singaporean subsidiary, in a deal valued at over $14bn (£8.5bn).
The Asian Lawyer is a US affiliate title of Legal Week.
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