find the latest legal job
Corporate and Commercial Partner
Category: Corporate and Commercial Law | Location: Adelaide SA 5000
· Full time · Join a leading Adelaide commercial law firm
View details
In-house Legal Counsel & Commercial Lawyers
Category: Corporate and Commercial Law | Location: All Sydney NSW
· Providing lawyers with flexibility and control over when they work, how they work and who they work for.
View details
In-house Legal Counsel & Commercial Lawyers
Category: Corporate and Commercial Law | Location: All Melbourne VIC
· Providing lawyers with flexibility and control over when they work, how they work and who they work for.
View details
Legal Inhouse / Lawyer / Company Secretary
Category: Other | Location: Brisbane QLD 4000
· Fantastic Company · Potential to be Part Time / Flexible Work Pattern
View details
Part Time Risk & Compliance Officer
Category: Other | Location: Brisbane QLD 4000
· Brisbane City · Flexible Part Time Hours
View details
Historic Channar Mining JV extended

Historic Channar Mining JV extended

Mark McAleer, Allens

Rio Tinto and Sinosteel Corporation have extended their Channar Mining joint venture in the Pilbara region of Australia with advice from a global and a boutique firm.

Firms: Allens (Rio Tinto); Chambers Lawyers (Sinosteel Corporation)

Deal: Rio Tinto and Sinosteel Corporation extended their Channar Mining joint venture.

Value: US$45 million

Area: Joint venture

Key players: The Allens team was led by partner Mark McAleer (pictured).

Deal significance: Rio Tinto and Sinosteel Corporation have extended their historic Channar Mining joint venture in Australia’s Pilbara region.

The Channar joint venture extension will see 30 million tonnes of iron ore supplied into the joint venture, with Sinosteel making a one-off payment of US$45 million to Rio Tinto and providing additional production royalties linked to the iron ore price.

This will bring the joint venture total to 280 million tonnes, and will conclude the joint venture with the end of the commercial reserves at Channar.

In a separate agreement, Rio Tinto will sell up to 40 million tonnes of iron ore to Sinosteel between 2016 and 2021.

The extension remains subject to approvals from the Foreign Investment Review Board and Western Australian Government.

Channar was China’s first major overseas investment, which was negotiated between former prime minister Bob Hawke and the Chinese Premier in 1983 according to Chambers Lawyers, which has been advising on the project since 1984.

“The Channar Mining joint venture was the first large-scale mining initiative between our two countries and is a cornerstone of Chinese and Australian trade,” said Sinosteel Corporation president Liu Andong.

“The extension of the joint venture marks another milestone in trade cooperation, especially in the current economic climate.”

Allens has been working with Rio Tinto on the Channar joint venture since 1987.

“This deal highlights the continued importance of the economic relationship between China and Australia, despite the recent softening of resources-focused investment and commodities prices,” Mr McAleer said.


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

Historic Channar Mining JV extended
lawyersweekly logo
Promoted content
Recommended by Spike Native Network
more from lawyers weekly
Nov 23 2017
Education a passion for YL president
Promoted by University of Melbourne. Melbourne Law Masters student Phoebe Blank is successfully j...
Crowd
Nov 23 2017
Anti-radicalisation programs playing ‘second fiddle’ to terrorism laws
Several academics have questioned the balance between Australia’s counterterrorism legislation and...
 William Ah Ket
Nov 23 2017
‘Bamboo ceiling’ thought piece wins inaugural law prize
A paper that explores the idea of affirmative action to achieve greater diversity among members of A...
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 & ...