Allens advises Rio Tinto on Northparkes sale
31 July 2013
Allens has advised longstanding client Rio Tinto on its agreement to sell its 80 per cent interest in Northparkes to China Molybdenum Co., Ltd for US$820 million.
Located near Parkes, in central west New South Wales, Northparkes is an established copper-gold mining operation. It produces a high-grade copper concentrate on site, which is shipped via Port Kembla to overseas customers.
The decision by Rio Tinto to sell the Northparkes mine follows the company's recently completed divestment of the Eagle nickel project in the United States.
Partner Richard Malcolmson, who led the Allens team on the transaction, said that Allens is proud of its long association with Rio Tinto.
'We are very pleased to have been able to assist the Rio Tinto team in reaching this significant milestone in an important transaction,' Mr Malcolmson said.
The sale is subject to certain conditions, including the pre-emptive rights of Rio Tinto's joint venture partners, Sumitomo Metal Mining and Sumitomo Corporation Metal Resources.
|Allens legal team||Richard Malcolmson (Partner – Sydney), Richard Kriedemann (Partner – Sydney), Simon Lewis (Senior Associate – Sydney), Rob Kerr (Senior Associate – Sydney), Lixian Liang (Senior Associate – Sydney), Jayne Fullerton (Senior Associate – Sydney), Justin Chenevier (Senior Associate – Sydney), Veronica Siow (Senior Associate – Sydney), Shikha Sethi (Lawyer – Sydney), Lucinda Clarke (Lawyer – Sydney), William Coote (Law Graduate – Sydney)|
- Germaine GrahamSenior Corporate Communications Manager,
Ph: +61 2 9230 4639
Notes for editors.
Allens is a commercial law firm working throughout Australia and Asia. Through its integrated alliance with Linklaters it provides clients access to 40 offices in 28 countries around the world.