Australian Firms Advise on $1.3 Billion Lithium Project Deal
The deal was completed just as Mineral Resources announced it had decided to pause operations at the Wodgina Project due to "challenging" lithium market conditions. Western Australia-based Wodgina is said to be one of the largest known hard rock lithium deposits in the world.
November 06, 2019 at 04:02 PM
3 minute read
Gilbert + Tobin and MinterEllison had the lead roles on the $1.3 billion joint venture deal in which Australia's Mineral Resources Ltd. sold a 60% interest in its Wodgina Lithium Project to U.S. battery metals company Albemarle Corp.
The deal was completed just as Mineral Resources announced it had decided to pause operations at the Wodgina Project due to "challenging" lithium market conditions. Western Australia-based Wodgina is said to be one of the largest known hard rock lithium deposits in the world.
The sale to Albemarle was made in return for $820 million cash and a 40% interest in two lithium hydroxide trains at Albemarle's Kemerton Project near Bunbury, Western Australia, representing a total transaction value of $1.3 billion.
Albemarle and Mineral Resources formed a 60-40 joint venture to operate the Wodgina Lithium Project and the lithium hydroxide trains at Kemerton, G+T said in a statement.
Gilbert + Tobin advised Mineral Resources, while MinterEllison advised Albemarle.
"We are delighted to be advising our client Mineral Resources on this strategically important and innovative transaction. G+T's involvement in this transaction was multifaceted, and we are pleased to be able to apply our M&A and project development expertise to successfully complete the transaction, notwithstanding challenging conditions in the lithium sector," said G+T energy and resources partner Justin Little.
Little and corporate advisory partner Justin Mannolini led the transaction team, assisted by partner Luke Woodward and lawyers Amelia McKellar and Richard L'Estrange for competition and regulation matters in Australia and China, partner Muhunthan Kanagaratnam for tax advice, and partner Amanda Hempel in relation to real estate and projects matters.
G+T advised Mineral Resources alongside JunHe on Chinese antitrust law.
The MinterEllison deal team was led by Simon Scott, partner and national head of energy and resources, and Adrian Varrasso, partner and national head of tax. The team also included partners Julie Whitehead, Jordan Phillips, Craig Silverwood, Bryn Davis, Nada Raphael, Miranda Noble, John Riley and Rhys Guild.
Shearman & Sterling advised Albemarle on U.S. law and foreign competition approvals.
"This deal is one of the most significant recent transactions in the Australian mining sector and will assist in supporting the world's progress towards expanded battery usage across the energy system," said Scott.
"In addition to advising Albemarle on the transaction, MinterEllison has also been advising it on the development of the Kemerton lithium hydroxide facilities which formed part of the deal, and in relation to its other Australian interest, the Greenbushes lithium mine in Western Australia."
Lithium is a key component in rechargeable batteries.
This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.
To view this content, please continue to their sites.
Not a Lexis Subscriber?
Subscribe Now
Not a Bloomberg Law Subscriber?
Subscribe Now
NOT FOR REPRINT
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
You Might Like
View All
Freshfields, MoFo Act on $1.8B TOPPAN Deal As Japan's US Buying Spree Continues
Kirkland Steers Paris-based Antin in ‘Year’s Biggest’ Infrastructure Fund Closing, at €10.2B
3 minute read
ECJ Ruling Upholds German Ban on Pure Private Equity Investment in Law Firms
4 minute readTrending Stories
Who Got The Work
Michael G. Bongiorno, Andrew Scott Dulberg and Elizabeth E. Driscoll from Wilmer Cutler Pickering Hale and Dorr have stepped in to represent Symbotic Inc., an A.I.-enabled technology platform that focuses on increasing supply chain efficiency, and other defendants in a pending shareholder derivative lawsuit. The case, filed Oct. 2 in Massachusetts District Court by the Brown Law Firm on behalf of Stephen Austen, accuses certain officers and directors of misleading investors in regard to Symbotic's potential for margin growth by failing to disclose that the company was not equipped to timely deploy its systems or manage expenses through project delays. The case, assigned to U.S. District Judge Nathaniel M. Gorton, is 1:24-cv-12522, Austen v. Cohen et al.
Who Got The Work
Edmund Polubinski and Marie Killmond of Davis Polk & Wardwell have entered appearances for data platform software development company MongoDB and other defendants in a pending shareholder derivative lawsuit. The action, filed Oct. 7 in New York Southern District Court by the Brown Law Firm, accuses the company's directors and/or officers of falsely expressing confidence in the company’s restructuring of its sales incentive plan and downplaying the severity of decreases in its upfront commitments. The case is 1:24-cv-07594, Roy v. Ittycheria et al.
Who Got The Work
Amy O. Bruchs and Kurt F. Ellison of Michael Best & Friedrich have entered appearances for Epic Systems Corp. in a pending employment discrimination lawsuit. The suit was filed Sept. 7 in Wisconsin Western District Court by Levine Eisberner LLC and Siri & Glimstad on behalf of a project manager who claims that he was wrongfully terminated after applying for a religious exemption to the defendant's COVID-19 vaccine mandate. The case, assigned to U.S. Magistrate Judge Anita Marie Boor, is 3:24-cv-00630, Secker, Nathan v. Epic Systems Corporation.
Who Got The Work
David X. Sullivan, Thomas J. Finn and Gregory A. Hall from McCarter & English have entered appearances for Sunrun Installation Services in a pending civil rights lawsuit. The complaint was filed Sept. 4 in Connecticut District Court by attorney Robert M. Berke on behalf of former employee George Edward Steins, who was arrested and charged with employing an unregistered home improvement salesperson. The complaint alleges that had Sunrun informed the Connecticut Department of Consumer Protection that the plaintiff's employment had ended in 2017 and that he no longer held Sunrun's home improvement contractor license, he would not have been hit with charges, which were dismissed in May 2024. The case, assigned to U.S. District Judge Jeffrey A. Meyer, is 3:24-cv-01423, Steins v. Sunrun, Inc. et al.
Who Got The Work
Greenberg Traurig shareholder Joshua L. Raskin has entered an appearance for boohoo.com UK Ltd. in a pending patent infringement lawsuit. The suit, filed Sept. 3 in Texas Eastern District Court by Rozier Hardt McDonough on behalf of Alto Dynamics, asserts five patents related to an online shopping platform. The case, assigned to U.S. District Judge Rodney Gilstrap, is 2:24-cv-00719, Alto Dynamics, LLC v. boohoo.com UK Limited.
Featured Firms
Law Offices of Gary Martin Hays & Associates, P.C.
(470) 294-1674
Law Offices of Mark E. Salomone
(857) 444-6468
Smith & Hassler
(713) 739-1250
