Melbourne firm Hall & Wilcox has announced it is acting for diversified mining company Admiralty Resources NL on a share sale agreement to sell its wholly-owned controlled entity, Sociedad Contractual Minera Vallenar Iron Company (VIC), to Icarus Derivatives (Icarus), part of an international investment group specialising in opportunities in the resource sector globally.
Hall & Wilcox, led by partner Deborah Chew and supported by senior associate James Morvell, is advising Admiralty on the sale of the whole of its interests in VIC.
VIC's main asset is a series of mining tenements in Chile, which will be divided into northern and southern divisions of roughly equal size.
VIC will retain the northern region and, after the sale, Admiralty (through a wholly-owned subsidiary) will retain the southern region.
The sale consideration has been structured in two parts. The first is guaranteed payments of $US4 million and the second is a royalty agreement on production.