Two top firms have advised on EMR Capital's acquisition of MMG Limited's Golden Grove mine in Western Australia.
Allen & Overy was the legal adviser of EMR Capital while
Clayton Utz acted for MMG Limited.
MMG entered into a conditional share sale agreement with EMR Golden Grove Holdings Pty Ltd, an entity owned and managed by Melbourne-based EMR Capital.
The US$210 million deal for the sale of the copper-zinc-lead-precious metals mine is expected to close next month, subject to customary approvals.
Allen & Overy has been a long-time advisor of EMR, as noted by the firm's Perth managing partner and global head of mining Geoff Simpson.
“The MMG acquisition follows EMR’s acquisition of the Martabe gold and silver mine in Indonesia and its acquisition of the Capricorn Copper mine in Queensland, both of which Allen & Overy has advised on,” he said.
“The acquisition is further proof of a recovery in deal confidence in the mining sector after years of stagnation.”
Meanwhile, Clayton Utz corporate partner Brett Cohen leads the firm's team on the transaction. He is assisted by senior associate Armin Fazely and lawyers Kaley Ohariw and Milana Sarenac.
The core transaction team has been supported by specialist teams from Clayton Utz including tax, environment, native title and employment.
“We are pleased to have been given the opportunity to provide strategic advice and support to this longstanding client of Clayton Utz, working alongside MMG and its financial adviser Goldman Sachs to execute the sale agreement for this transaction in a compressed timeframe over the 2016 Christmas holiday break,” said Cohen.
Last November, EMR raised $1.1 billion mostly from American investors for a new fund in Australia. In early December, the firm was rumored to be looking at the Golden Grove mine which was being sold through Goldman Sachs.
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