The deal shows continuing high level cross-border investments into Australian mining, the firm says
Herbert Smith Freehills (HSF) advised ITOCHU Corporation on its $250m sale of its 5% stake in a bauxite mining and alumina refinery in Western Australia.
The Japanese general trading company sold its interest in the Worsley Alumina project near Boddington to Press Metal Bintulu, which is 80% owned by Malaysia’s Press Metal Aluminium Holdings Bhd and 20% owned by Japan’s Sumitomo Corp. Worsley is one of the largest and lowest-cost alumina producers in the world.
Partner Ian Williams, HSF’s Australia Japan practice head, led the deal team. He was supported by senior associates Natalie McDowell and Melissa Swain-Tonkin; solicitors Jenna Wong and Daniel Lau, and graduate Tatsuki Shiratsuchi.
“This deal is another great example of the high level of cross-border investment that we are seeing into the Australian mining sector,” William said.
HSF said that commercial adviser Simon Wensley also advised ITOCHU.