Mallesons Stephen Jaques has advised Mitsubishi Corporation in the joint venture arrangements and 50% iron ore acquisition of Murchison Metals. The signed deal involved over 30 legal documents which were drafted, negotiated and finalised within three months.
The joint venture arrangements will establish a substantial new iron ore mining business, called Oakajee Port & Rail, as well as the rail and port infrastructure necessary to service the mine and other mines in the Mid West region of Western Australia.
The Mallesons team included lawyers with expertise in mergers and acquisitions, banking and finance, tax, corporate, environment and litigation. The team implemented a joint venture structure that was incorporated for the mining business, while the rail and port infrastructure was unincorporated. A deferred payment mechanism was agreed on by the parties for the 50% iron ore asset acquisition, with Mitsubishi making the first payment to Murchison on 27 September.
Lead Partner, Geoff Rogers, commented “This was a huge team effort involving a number of our lawyers. Although the timeline was demanding, the team pulled together to meet all required deadlines and to ensure a successful outcome for our client. We were delighted to have been involved in such an exciting and complex deal.”