HSF, KWM and Davis Polk advise on $2.65bn mining deal
Canadian firm Osler Hoskin & Harcourt and US firm Covington & Burling have also secured roles on the deal for African copper mine
May 11, 2016 at 06:20 AM
2 minute read
Herbert Smith Freehills (HSF), King & Wood Mallesons (KWM), Davis Polk & Wardwell and Covington & Burling have all been mandated on gold and silver producer Freeport-McMoRan's $2.65bn (£1.83bn) sale of its interests in a major African copper mine.
Mining company China Molybdenum is buying a majority stake in investment company TF Holding, which has an indirect majority stake in the Tenke Fungurume mine in the Democratic Republic of Congo, and has turned to Canadian firm Osler Hoskin & Harcourt as lead counsel on the deal.
Osler's team includes New York partner Marc Kushner and tax partner Paul Seraganian. Toronto-based competition partner Shuli Rodal also advised, alongside financial services partner Andrew Herr.
KWM is providing PRC law advice, with HSF and Covington & Burling also acting as legal advisers to the purchaser.
The HSF team is being led from Paris and Johannesburg by Africa co-chairs Stephane Brabant and Peter Leon.
Further advice on the deal is being provided by corporate partners Bertrand Montembault and Rebecca Major, along with employment partner Emma Rohsler. The firm's offices in Greater China, Germany and Japan are also providing support on the deal.
Davis Polk & Wardwell is acting as legal adviser to Freeport, with a team led out of New York by corporate partner Marc Williams.
New York partner Kathleen Ferrell is advising on the tax aspects of the deal. From Beijing, Howard Zhang is providing PRC law advice while Hong Kong corporate partner is acting on the Hong Kong law aspects.
In addition to the agreement to sell, the deal sees the parties enter an agreement to negotiate exclusively on the sale of Freeport's interests in Freeport Cobalt – including the Kokkola Cobalt Refinery in Finland, for $100m (£69.3m) and the Kisanfu Exploration project in the Democratic Republic of Congo for $50m (£34.6m) – until 31 December 2016.
The deal is expected to close in the fourth quarter of 2016, subject to regulatory and shareholder approval. Citigroup Global Markets is acting as financial adviser to China Molybdenum.
Davis Polk has acted on a number of significant regional deals this year, including INBev's $1.6bn (£1.1bn) China Beer sale and JD.com's $1bn (£690m) debt offering.
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