THE RESOURCES sector continues to boost law firms’ bottom line, with Corrs Westgarth Cambers the most recent beneficiary of the fuel market’s largesse.
Corrs advised China Metallurgical Group Corporation (MCC) on its successful $400 million acquisition of the Cape Lambert iron ore project from Cape Lambert Iron Ore Limited, an ASX and AIM Listed company. The sale agreement settled on 6 August 2008.
The Corrs project team on the Cape Lambert transaction included partners Adam Handley and Philip Wilson, along with lawyers Bi Chen, Tighe Whelan and Matthew Sullivan.
Adam Handley, Corrs' Head of Energy & Resources and the lead partner on the transaction said: “Corrs has represented MCC on its first major investment in the iron ore sector in Australia. MCC’s investment in this project will further support the development of this segment and the iron ore industry, and we are thrilled to have played a role in that”.
The firm boasts that this latest transaction consolidates the position of Corrs China Business Practice as a leading adviser to many PRC state-owned corporation investing in the Australian Energy & Resources sector.
Corr’s track record in the PRC matches up to their own hype, with Corrs acting as advisor to a host of PRC companies including advising China National Chemical Corporation on its acquisition of Qenos Holdings Limited from Orica Australia and ExxonMobil and acting for Yankuang Group and Yanzhou Coal Mining Company (a company listed on the Shanghai, Hong Kong and New York Stock Exchanges) on their acquisition of the Austar Mine and financing and construction of underground longwall mine.
MCC is a large scale Chinese construction company with assets of approximately US$10.6 billion ($12.17 billion) and revenue in 2006 of approximately US$20 billion.
Corrs continues to advise MCC on the US$1750 million construction and installation of an iron ore mining operation, including the purchase of engineering equipment, at the Sino Iron Ore mine at Cape Preston WA, which is the largest mine construction contract ever awarded to a Chinese company in Australia, as well as its acquisition of a 20 per cent equity interest in Sino Iron Holdings, the owner of the Cape Preston iron ore project.