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Qld mine project sold

Qld mine project sold

Mine project

Several firms have advised in a transaction which has seen the sale of a significant mine project headquartered in Queensland.

Firms: Ashurst (MMG Limited); Bellanhouse Legal (CMRP, Century Bull and Attila); Herbert Smith Freehills (Bank of China); King & Wood Mallesons (Bank of China)

Deal: MMG has agreed to sell the companies that own the Century zinc mine project in North West Queensland (Century Mine) to CMRP, a company owned by Century Bull and affiliated with the Raging Bull group of companies. The sale was completed shortly after the agreements were signed. It is anticipated that Attila will acquire CMRP within a short period following the sale.

Value: Confidential

Area: Environment, resources

Key players: The Ashurst team was led by partner Simon Fraser, with assistance from partners Con Tzerefos, Clare Lawrence, Paul Newman, Caroline Ammundsen, John Briggs, Martin Coleman, Geoffrey Mann, Ian Kellock and Peter McCullough.

Deal significance: The Century Mine comprises a mine site in North West Queensland, a scale port facility at Karumba, and a 304km underground slurry pipeline which connects the mine and Karumba port.

The Century Mine ceased operations in early 2016, following depletion of the primary zinc ore reserves.

According to a statement from Ashurst, the transaction will transfer the assets and obligations in respect of the Century Mine to a specialist in economic rehabilitation of mine sites while establishing quantified support obligations under the Gulf Communities Interim Support Fund, the Funding Deed and the Bank Guarantee Support Agreement.

MMG CEO Jerry Jiao said the renewed future for Century is a great outcome for the communities and businesses of Queensland’s Lower Gulf and for the State of Queensland.

“It provides new life for the substantial Century assets, while supporting dedicated rehabilitation and ongoing employment, training and business opportunities,” Mr Jiao said.

“Under this new plan, Century Bull will continue to generate employment and training opportunities and other ongoing benefits to the communities and businesses of the Lower Gulf.

“Century Bull has developed a sound plan for progressive rehabilitation of the Century mine site and has built a strong reputation and capability in ‘economic rehabilitation’ in Australia.”

 

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