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Rincon Mining to sell for US$825m
Herbert Smith Freehills (HSF) has advised Rincon Limited on the US$825 million divestment of its interest in the Salar del Rincón Project in Argentina.
Lauren Croft
Firm: Herbert Smith Freehills (Rincon Limited).
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Deal: HSF has advised Rincon Limited on the agreement to sell Rincon Mining Pty Limited and Lithium Extraction Technologies (Australia) Pty Ltd to global mining group Rio Tinto.
Value: US$825 million.
Area: M&A, projects.
Key players: The Herbert Smith Freehills team was led by partner Melissa Swain-Tonkin, supported by senior associate Phillip Smith.
Deal significance: Rincon is owned by funds managed by private equity group Sentient Equity Partners. Rincon Mining Pty Limited owns the Rincon lithium project, a large undeveloped lithium brine project in Salta, Argentina, an emerging hub for greenfield projects.
Commenting on the deal, Ms Swain-Tonkin said: “We are thrilled to have acted for Rincon Limited on this successful sale process, to combine our strong experience in both private equity and energy and resources and to participate in a transaction that forms part of the worldwide trend towards commodities that support the global energy transition.”
