find the latest legal job
Corporate/Commercial Lawyers (2-5 years PAE)
Category: Corporate and Commercial Law | Location: Adelaide SA 5000
· Specialist commercial law firm · Long-term career progression
View details
Graduate Lawyer / Up to 1.5 yr PAE Lawyer
Category: Personal Injury Law | Location: Brisbane CBD & Inner Suburbs Brisbane QLD
· Mentoring Opportunity in Regional QLD · Personal Injury Law
View details
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
Corrs, Allens, Mallesons advise on coal sell-down

Corrs, Allens, Mallesons advise on coal sell-down

THREE NATIONAL firms advised on the sell down by Macarthur Coal of its central Queensland coal assets to China’s CITIC Group and several Japanese companies.Macarthur Coal sold an aggregate 16.7…

THREE NATIONAL firms advised on the sell down by Macarthur Coal of its central Queensland coal assets to China’s CITIC Group and several Japanese companies.

Macarthur Coal sold an aggregate 16.7 per cent interest in the Olive Downs North coal assets and 26.7 per cent interest in Moorvale Pits C & D to subsidiaries of CITIC Group and Japanese companies Nippon Steel, Marubeni, Sojitz and JFE Shoji.

The coal deposits are located 156km south-west of the coastal town of Mackay.

Allens Arthur Robinson lawyers Andrew Knox and Tom Boyd advised the Japanese parties. Mallesons Stephen Jaques Perth lawyers David Perks and Michael Berkeley-Hill advised CITIC.

The buyers are existing members of the Coopabella and Moorvale Joint Venture, in which Macarthur Coal is a majority shareholder, retaining 73.3 per cent.

The law firm said the transaction was complicated by the fact there were two sellers, five buyers and a total of eight separate sale agreements.

In addition, the transaction involved the carving out of the Olive Downs North assets from the Olive Downs Joint Venture and the unification of those assets with the Coppabella and Moorvale Joint Venture.

Bruce Adkins and Tig Pocock of Corrs’ Brisbane office advised Macarthur Coal on the transaction.

“This deal was strategically quite important to Macarthur Coal. The sell-down of the interests in Olive Downs North and Moorvale Pits C & D, and the unification of those assets with the existing Coppabella and Moorvale Joint Venture, will enable Macarthur Coal to move forward with its plans to develop the new Olive Downs North coal mine as a satellite to the Moorvale mine at some point in the future,” said Adkins.

“This will utilise existing capacity in the Moorvale washplant and rail loading facilities and thereby minimise the capital cost of the Olive Downs North mine.

“Also, the additional reserves in Moorvale Pits C & D will extend the life of the Moorvale mine.”

Macarthur Coal CEO, Nicole Hollows, said in a statement to the ASX: “The sale aligns ownership of two neighbouring projects to provide a great opportunity for the low-cost development of additional coal resources. The unified ownership structure will increase operating flexibility, provide additional coal blending opportunities and streamline administration.”

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

Corrs, Allens, Mallesons advise on coal sell-down
lawyersweekly logo
Promoted content
Recommended by Spike Native Network
more from lawyers weekly
Scales of Justice
Dec 15 2017
Timing ‘critical’ in unusual contempt of court ruling
A recent case could have interesting implications for contempt of court rulings, according to a Ferr...
Dec 14 2017
International arbitration and business culture
Promoted by Maxwell Chambers. This article discusses the impact of international arbitration on t...
Papua New Guinea flag
Dec 14 2017
World-first mining case launched in PNG
Citizens of Papua New Guinea have launched landmark legal proceedings against the country’s govern...
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 & ...