Sandfire acquires MOD, valued at $167m

By Naomi Neilson|31 October 2019

G+T has assisted Sandfire in the acquisition of MOD.

Firm: Gilbert + Tobin (Sandfire Resources NL)

Deal: Gilbert + Tobin (G+T) advised Sandfire Resources NL on the acquisition of MOD Resources Limited by way of a scheme arrangement that valued MOD at $167 million.

Value: $167 million.

Area: M&A.

Key players: The team was led by partners Justin Mannolini, Phil Edmands and special counsel Patrick Tydde. They were assisted by senior associate Oliver Carrick and by lawyers Courtney Libby and Jamie Ammendolea and graduates Oliver Haslam and Giorgia Fraser.

Deal significance: The acquisition gave Sandfire direct access to MOD’s 11,700-square kilometer landholding across the Kalahari copper belt in Botswana.

This transaction also involved a parallel acquisition of MOD’s minority exploration joint venture partner Metal Tiger through innovative structure utilising shareholder approval under the Corporations Act, which permitted Metal Tiger to participate in the scheme. 

Commenting on the transaction, Mr Mannolini said: “We were delighted to assist in this significant transaction and in doing so helping Sandfire to acquire a development asset in the T3 Project and consolidate exploration tenure in the highly prospective Kalahari copper belt.

“This was an example of the diverse skill set which G+T can bring to bear on complex cross-border acquisitions in the energy and resources sector.”

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Sandfire acquires MOD, valued at $167m
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