Firm advises on $1.2bn international mining deal

A firm has advised a major gold mining company in a mega offload of assets.

Herbert Smith Freehills has advised Barrick Gold Corporation on the sale of the Cowla gold mine in New South Wales to Evolution Mining, along with various assets in Papua New Guinea to Chinese mining company Zijin Mining Group.

Barrick has sold off their 50 per cent interest in Barrick (Niugini) Limited, which owns and manages 95 per cent of Porgera Joint Venture gold mine in Papua New Guinea. 

The total value of the assets sold was $1.2bn.

“We are delighted to have advised Barrick on these important transactions, which demonstrate that cross-border M&A activity remains strong in the Asia Pacific region,” said lead partner on the deal, Tony Damian.

The Sydney HSF team was supported by teams in the Hong Kong and Shanghai offices.

Evolution Mining Limited was advised by Allens and Zijin Mining Group was advised by Corrs Chambers Westgarth.

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