‘Major’ mining acquisition complete
Maddocks has advised on what’s being dubbed a major mining deal between two parties, in a transaction over $13 million.
Firms: Maddocks (Consolidated Mining & Civil Pty Ltd); Arion Legal (Havilah Resources Limited)
Deal: Consolidated Mining & Civil Pty Ltd (CMC) has been advised on its purchase of 100 per cent of Benagerie Gold Pty Ltd, which holds the Benagerie mining lease, from Havilah Resources Limited.
Value: $13.5 million
Key players: The Maddocks legal team was led by partner Julian Smith and included senior associates Libby Buchanan and Andrew Wright, associate Melissa Ramov and lawyer Maddison Hardiman.
The Arion Legal team was led by director Mark Stewart.
Deal significance: “The purchase, which was completed last week, means CMC owns the North Portia Copper-Gold Project in north-east South Australia. CMC had previously been engaged in a revenue sharing arrangement for the development of the Portia Gold mine,” a statement from Maddocks said.
“The next phase for the mine is the development of a second pit — North Portia — which has copper, gold and cobalt reserves, with a substantial Joint Ore Reserves Committee resource.”