Firms: Minter Ellison (Xanadu Mines); Norton Rose Fulbright (Turquoise Hill Resources)
Deal: Xanadu Mines Limited and its joint venture company Mongol Metals LLC acquired a 90 per cent interest in Oyut Ulaan LLC from a wholly-owned subsidiary of Turquoise Hill Resources Limited
Value: $US14 million
Area: Energy & Resources
Key Players: Minters team was led by Elisabeth Ellis (pictured), the managing partner of the firm’s Ulaanbaatar office, with assistance from her Mongolian-based colleagues Sebastian Rosholt and Dunnaran Baasankhuu. Minters chairman Bruce Cowley and his Brisbane-based partnership colleague Simon Scott provided assistance in Australia, with support from senior associates Angie Clapper and Jordan Phillips. Norton Rose Fulbright’s Steve Malas and associate Peter Riddell advised Turquoise Hill Resources. Malas and Riddell are based in the firm’s Montreal office
Deal Significance: Xanadu Mines Ltd is an ASX-listed mineral company that has significant interests across Mongolia’s porphyry copper belts. This acquisition is being funded by Xanadu with a $US4 million, three-year loan agreement with the Noble Group and a $US4 million equity in Mongol Metals from its joint venture partner as initial consideration. “Mongolia offers enormous opportunities for private sector investment, not only in natural resources but also in infrastructure development and in associated services industries,” said Ellis.
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