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Deacons acts for China Sci-Tech on Oz Minerals Martabe acquisition
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Deacons acts for China Sci-Tech on Oz Minerals Martabe acquisition

Deacons has acted for China Sci-Tech Holdings on the acquisition of the entities (a group of Australian, Singaporean and Indonesian companies) operating the Martabe Project from OZ Minerals…

Deacons has acted for China Sci-Tech Holdings on the acquisition of the entities (a group of Australian, Singaporean and Indonesian companies) operating the Martabe Project from OZ Minerals Limited, after a competitive sale process was undertaken by OZ Minerals. The deal is valued at $306 million.

The Martabe Project, a gold and silver mining project in North Sumatra, Indonesia, has a complex asset and ownership history. The sale agreement for the transaction, along with a comprehensive due diligence report covering multi-jurisdictional legal matters, were finalised in a little over 2 weeks after the commencement of work.

Given the short timeframe of the transaction, due diligence findings were reported to CST and addressed in sale agreement negotiations while the matter was in progress. This was a balancing act for the Deacons team, led by partner James Stewart.

"The challenges this transaction provided included finding the right balance of protection for our client in the sale agreement with terms that were going to be the most attractive to OZ Minerals and their banking syndicate who were running a competitive sale process, while simultaneously conducting due diligence in multiple jurisdictions in a three week timeframe, that included Easter," Stewart said.

"This required us to quickly mobilise resources in our Perth, Melbourne, Sydney, Jakarta and Singapore offices. It is another good example of our ability provide a seamless service to clients undertaking cross border transactions in the South East Asia region."

The transaction team included Deacons' Perth, Melbourne, Sydney, Jakarta and Singapore offices was led by James Stewart (Perth office), with Gary Thomas (Melbourne) managing the due diligence process and working with Rick Beckmann (Jakarta) and Deacons' Singapore office to deliver the multi-jurisdictional due diligence report.

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