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.
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