Allens has advised BHP Metals Exploration on its acquisition of Ragnar Metals Sweden AB, a subsidiary of ASX-listed Ragnar Metals Limited which holds several tenements prospective for nickel in Sweden.
The deal sees BHP acquire Ragnar's Swedish subsidiary for $9.8 million, with deferred consideration in the form of a 1% net smelter return royalty upon commencement of commercial production.
'We congratulate BHP on this acquisition and look forward to seeing positive results from its intended work program on the tenements,' said lead Partner Mark McAleer.
'This deal signals a continuing trend towards consolidation in the critical minerals sector, with established companies continuing to build their presence around the world through acquisitions of prospective early-stage exploration projects.'
Allens collaborated with the Swedish office of alliance partner Linklaters and local Swedish firm Fröberg & Lundholm to advise on the transaction.
Allens legal team
Mark McAleer (Partner), Alex Ninkov (Senior Associate), Elizabeth Watts (Associate)