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Japanese company sells off interest in WA refinery
Herbert Smith Freehills has advised Japanese trading company ITOCHU Corporation on the sale of its five per cent economic interest in a WA mining and alumina refinery.
Grace Ormsby
Firm: Herbert Smith Freehills (ITOCHU)
Value: $250 million
Area: M&A, Corporate
Key players: Herbert Smith Freehills’ team was led by Australia Japan practice lead partner Ian Williams with support from senior associates Natalie McDowell, Melissa Swain-Tonkin, solicitors Jenna Wong, Daniel Lau and graduate Tatsuki Shiratsuchi.
Deal significance: Worsley Alumina bauxite mining and alumina refinery is located near Boddington in Western Australia.
ITOCHU Corporation is selling its five per cent economic interest in the refinery to Press Metal Bintulu Sdn Bhd.
The transaction will see “Press Metal acquire an economic interest in one of the largest and lowest-cost alumina producers in the world,” according to a Herbert Smith Freehills statement.
Press Metal is 80 per cent owned by Press Metal Aluminium Holdings Bhd, and 20 per cent by Japanese trading company Sumitomo Corporation.
Commenting on the deal, Ian Williams said “We are delighted to have assisted ITOCHU on the sale of its interest in a high-quality Australian mining project.”
“This deal is another great example of the high level of cross-border investment that we are seeing into the Australian mining sector,” he continued.
