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Deals 22 July

Deals 22 July

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Middletons acted for the privately owned logistics company CRT Group on its recent sale to Queensland Rail (QR). The sale of CRT, which had existing service supply arrangements with QR, was…

Middletons acted for the privately owned logistics company CRT Group on its recent sale to Queensland Rail (QR). The sale of CRT, which had existing service supply arrangements with QR, was unique in that it was the first time a Queensland government business enterprise had bought a privately owned family business. “There aren’t many business sales going in this direction,” Middleton’s partner Sebastian Greene said. “Given the monumental developments within the logistics industry over the past two to four years, this transaction is one of great significance.” With a high level of consolidation currently taking place in the Australian rail freight industry, the CRT acquisition provided a major impetus to QR’s strategy to become an even larger force in the national freight and logistics market. “In this context the acquisition of CRT demonstrates great weight of value for both parties given that terminal space within Melbourne is extremely difficult to secure,” Greene said. Corrs Chambers Westgarth represented QR.

Deacons China team advised NGM Resources on a joint venture that allows NGM to earn up to an 80 per cent interest in the Longtoushan gold mine and surrounding exploration tenements. Deacons conducted due diligence on various gold projects in the Guangxi province in 2004 and 2005 pursuant to the terms of an agreement between NGM Resources, Placer Dome and China Gold Guangxi Company. The venture is NGM’s first foray into China and gives it the first right to gold properties of a certain size offered by China Gold Guangxi Company. Placer Dome retains the right to buy in up to a 70 per cent interest in any project between NGM and China Gold, then carry NGM through to a mining decision. National China leader Ian McCubbin and Melbourne-based senior associate James Hains led the Deacons team on the transaction.

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