The deal involved a seller in Australia, buyers in Canada and Nigeria and assets in Cote d'Ivoire
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Ashurst has advised on a complex cross-border mining deal that involved parties and assets in four jurisdictions.
The top firm advised Newcrest Mining Limited on the sale of its nearly 90% stake in the Bonikro gold mine in Cote d’Ivoire to a consortium of subsidiaries of Forbes and Manhattan and Africa Finance Corporation.
The deal was comprised of US$72m in cash consideration, as well as a net smelter royalty on the first 560,000 ounces of gold production from phase of the pit, which is expected to be valued at US$9m.
“With a seller in Australia, buyers in Canada and Nigeria and assets in Cote d'Ivoire this deal presented some jurisdictional challenges for all involved. The transaction was finalised in London prior to Christmas, and subsequently all teams worked hard to satisfy their own conditions and the Cote d'Ivoire regulatory requirements to bring it to completion,” said partner Shane Kyriakou.
He said that the firm tapped its global mining expertise and support of its Africa, London, and Paris teams to deliver for its client.
Kyriakou, who is based in Melbourne, jointly led the Ashurst team with partner Yann Alix, who is based in London. The international team also included partner Angus Ross; senior associates Matt Hartsuyker and James Clarke; associates Alexander Kedzior, Claudia Cicone and Melanie Wong; and trainees Lizzie Bird, Harry McConnell, Eva Zimmermann and Camilla Booth-Clibborn.
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