KWM, Allens act on $820m sale of Rio Tinto copper mine stake to China Molybednum
King & Wood Mallesons (KWM) and Allens Arthur Robinson have landed lead roles on the $820m sale of Rio Tinto's stake in Northparkes to China Molybednum. Rio Tinto said this week it had reached an agreement with Chinese company for the transfer of its 80% interest in the New South Wales gold and copper mine, which it expects to close by the end of the year.
August 01, 2013 at 03:44 AM
2 minute read
King & Wood Mallesons (KWM) and Allens Arthur Robinson have landed lead roles on the $820m (£539.6m) sale of Rio Tinto's stake in Northparkes to China Molybednum.
Rio Tinto said this week it had reached an agreement with the Chinese company for the transfer of its 80% interest in the New South Wales gold and copper mine, which it expects to close by the end of the year.
The transaction remains subject to approval from Rio Tinto's joint venture partners, Sumitomo Metal Mining and Sumitomo Corporation Mineral Resources.
Acting for Rio Tinto was Linklaters' Australian partner firm Allens, whilst KWM represented for China Molybednum.
Leading a team for Allens was Sydney-based corporate partner Richard Malcomson alongside Richard Kriedemann, with competition and infrastructure partner Ted Hill in Melbourne also advised.
KWM fielded a group of five partners to advise the buyer, led by Sydney corporate partner Paul Schroder, who received support from Beijing partners Susan Ning, Xu Ping and Zhigang Liu; Hong Kong corporate partner Joshua Cole and Australia chairman Stephen Minns.
"Despite the general slow-down in resources related M&A, we continue to see an appetite from our Asian clients for good resources opportunities in Australia, Africa and beyond," said Schroder.
"This transaction is of course very significant for Australia because our client, a major Chinese investor, has chosen Australia for its debut investment abroad at a time when attracting foreign investment remains very competitive."
Rio Tinto is understood to be offloading some of its existing assets in a move to slash costs and improve returns for shareholders.
Other deals include the sale of its Eagle nickel and copper project in the US to Lundin Mining Corp for $325m (£214m), agreed in June 2012, and the transfer of its stake in Palabora Mining Co in South Africa to a consortium led by China's biggest steelmaker, Hebei Iron & Steel Group, for $373m (£245.4m).
Related: Bakers and HSF among advisers as Asia energy giants invest in Australian wind farms
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