find the latest legal job
Senior Associate - Litigation & Dispute Resolution
Category: Litigation and Dispute Resolution | Location: Melbourne CBD & Inner Suburbs Melbourne VIC
· Come work for a firm ranked in Lawyers Weekly Top 25 Attraction Firms
View details
Associate - Workplace Relations & Safety
Category: Industrial Relations and Employment Law | Location: Brisbane CBD & Inner Suburbs Brisbane QLD
· Employer of choice · Strong team culture
View details
Freelance Lawyers
Category: Banking and Finance Law | Location: All Perth WA
· Freelance opportunities through Vario from Pinsent Masons
View details
Freelance Lawyers
Category: Other | Location: All Adelaide SA
· • Qualified lawyer with a strong academic background
View details
Freelance Lawyers
Category: Other | Location: All Melbourne VIC
· • Qualified lawyer with a strong academic background
View details
Norton Rose acts on $280m joint venture

Norton Rose acts on $280m joint venture

The Australian arm of mega firm Norton Rose has advised on a joint venture between two Asian-based companies in a A$280 million placement.

The long running deal has now been completed, after first being negotiated more than a year ago.

On 7 November 2009, Chongqing Chonggang Minerals Development Investment Limited (CCMD) signed a heads of terms with SINOM Investments Limited (SINOM) and Asia Iron Holdings Limited (Asia Iron), to acquire 60 per cent of Asia Iron under a A$280 million placement.

The transaction completed on 17 September 2010, more than 12 months after negotiation of the documentation began.

Chongqing Chonggang Minerals Development Investment Limited is a joint venture between Chongqing Iron & Steel (Group) Co. Ltd (CISG) and Chongqing Foreign Trade and Economic Cooperation (Group) Co. Ltd. (CFTEC).

CCMD, SINOM and Asia Iron have also agreed on financing arrangements in relation to the transaction and future capital expenditures, Norton Rose said in a statement.

The deal was lead by Norton Rose Perth partner James Stewart, and partners Chris Reden and Jon Perry in Hong Kong. Perth senior associate Roger Hawkins, associates Nicholas Wilson and Andrew Ricciardi and Hong Kong senior associates Michael Turnbull and Christina McGlip also worked on the deal, with Shanghai of counsel Hong Sun.

Asia Iron is a Hong Kong incorporated company whose subsidiaries hold mining assets in Australia, including iron ore assets located at Extension Hill (Mount Gibson Range), Koolanooka South and Wolla Wolla in the Mid West of Western Australia. Asia Iron also owns coal resources in Western Australia.

The flagship Extension Hill Magnetite Project is currently the most advanced of Asia Iron’s projects with total JORC inferred magnetite resources of 1,780 million tonnes already defined and further projects in various stages of exploration. CCMD and SINOMwill jointly develop the Extension Hill Magnetite Project and other projects of Asia Iron. The development of Stage 1 of the Extension Hill project is expected to cost approximately US$2 billion.

Completion of the transaction is a major milestone in the history of CISG and CFTEC, Norton Rose said, it being the first investment in Australia from the Chongqing province, the world's fastest growing region with a population of 32 million. Norton Rose's Perth, Hong Kong, Shanghai and Beijing offices coordinated to assist CCMD throughout the transaction.



Like this story? Read more:

QLS condemns actions of disgraced lawyer as ‘stain on the profession’

NSW proposes big justice reforms to target risk of reoffending

The legal budget breakdown 2017

Norton Rose acts on $280m joint venture
lawyersweekly logo
Promoted content
Recommended by Spike Native Network
more from lawyers weekly
Consultation
06:04
Lawyers slam rushed consultation for SA repeat offenders bill
The Law Society of South Australia has expressed concern for a proposal to roll out new laws amendin...
IBA
06:03
The pursuit of happiness in the law
A panel of legal experts have explored how to define success in the legal profession, and how lawyer...
Queensland University of Technology, ruby milestone
06:00
Queensland law school reaches ruby milestone
Celebrating 40 years since establishing a law course in 1977, the Queensland University of Technolog...
APPOINTMENTS
Allens managing partner Richard Spurio, image courtesy Allens' website
Jun 21 2017
Promo season at Allens
A group of lawyers at Allens have received promotions across its PNG and Australian offices. ...
May 11 2017
Partner exits for in-house role
A Victorian lawyer has left the partnership of a national firm to start a new gig with state governm...
Esteban Gomez
May 11 2017
National firm recruits ‘major asset’
A national law firm has announced it has appointed a new corporate partner who brings over 15 years'...
opinion
Nicole Rich
May 16 2017
Access to justice for young transgender Australians
Reform is looming for the process that young transgender Australians and their families must current...
Geoff Roberson
May 11 2017
The lighter side of the law: when law and comedy collide
On the face of it, there doesn’t seem to be much that is amusing about the law, writes Geoff Rober...
Help
May 10 2017
Advocate’s immunity – without fear or without favour but not both
On 29 March 2017, the High Court handed down its decision in David Kendirjian v Eugene Lepore & ...