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Squires acts on hot mining deal

Squires acts on hot mining deal

Squire Sanders has advised on a major mining deal in WA.

Firms: Squire Sanders (ITOCHU Corporation and Mitsui & Co); Ashurst (BHP Iron Ore - Jimblebar)

Deal: ITOCHU Corporation and Mitsui & Co have acquired an eight per cent and seven per cent interest respectively in BHP Iron Ore (Jimblebar), which is developing the Jimblebar Iron Ore mine in WA

Area: Energy & Resources

Value: $US1.5 billion (ITOCHU to invest $US800 million and Mitsui to invest $US700 million)

Key players: The Perth Squire Sanders team advising ITOCHU and Mitsui on the acquisition was led by partner and co-head of the energy & natural resources industry group Duncan Maclean (pictured), assisted by partner Michael Ferguson, senior associate Samantha Smart and associates Fiona Meaton and Sarah Teh

Deal significance: ITOCHU and Mitsui will invest $US800 million and $US700 million respectively, representing an eight per cent and seven per cent interest in the Jimblebar mining hub and resource. This transaction is subject to Australian Foreign Investment Review Board approval and is expected to complete in September. The Jimblebar mine, in the Pilbara region, is currently under construction and will be a large-scale, low-cost, open-pit mining operation, with an initial production capacity of 35 million tonnes per year. Squire Sanders has previously advised ITOCHU Corporation and Mitsui & Co on its long-term relationship with BHP Billiton in connection with three iron ore joint ventures, Mt. Newman, Yandi and Mt. Goldsworthy in WA.

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