Allens advises Newcrest on Qld gold mines deal
17 June 2011
Allens Arthur Robinson (Allens) is advising leading international gold company Newcrest Mining Limited on the sale of its interests in the Cracow and Mt Rawdon gold mines in Queensland to a new company to be formed by the merger of ASX-listed gold companies Catalpa Resources Ltd and Conquest Mining Ltd.
Newcrest is Australia's largest gold producer and one of the world's top 10 gold mining companies by production, reserves and market capitalisation.
Under the proposed transaction, Catalpa and Conquest will merge by way of a scheme of arrangement.
Newcrest will sell its 70 per cent interest in the Cracow gold mine and its 100 per cent interest in the Mt Rawdon gold mine to the new merged entity and, in return, will receive 38 per cent of the shares in the new company (diluted to 33 per cent upon completion of a proposed rights issue by the new company).
Partners Jon Webster and Ted Hill led an Allens team that helped Newcrest undertake due diligence and draft and negotiate transaction documents.
'This is an important transaction for all parties that offers many advantages,' Mr Webster said.
'It is pleasing to be working with the Newcrest team again.'
In 2010, Allens advised Newcrest on its A$9.6 billion acquisition of gold major, Lihir Gold Limited, which has mining operations in Papua New Guinea, West Africa and Australia. The deal became the year's largest completed transaction in Australasia.
| Allens legal team | Jon Webster (Partner – Melbourne), Ted Hill (Partner – Melbourne), Gadi Bloch (Senior Associate – Melbourne), Penny Alexander (Senior Associate – Melbourne), Paul Santamaria (Senior Associate – Melbourne) |
Ends
For further information, please contact:
- Susan CowenCommunications Coordinator,
Melbourne
Ph: +61 3 9613 8374
Susan.Cowen@allens.com.au
Notes for editors.
Allens Arthur Robinson has staff in 14 cities and eight countries across the Asia Pacific.