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Corrs on a roll with Chinese mining deals

Corrs Chambers Westgarth has confirmed its role advising Baosteel Group Corporation (Baosteel) on its strategic alliance with ASX-listed iron ore, coal and manganese developer Aquila Resources…

user iconLawyers Weekly • 31 August 2009 • Big Law
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Corrs Chambers Westgarth has confirmed its role advising Baosteel Group Corporation (Baosteel) on its strategic alliance with ASX-listed iron ore, coal and manganese developer Aquila Resources Limited (Aquila).

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The deal, announced on 28 August, is the third major Chinese mining deal with Corrs participation to be announced in the last ten days.

On Tuesday, ASX-listed emerging lithium producer Galaxy Resources announced it had secured a $130 million financing agreement with Chinese private investment company Creat Group Co Ltd, by way of a share subscription agreement for 19.9 per cent of Galaxy's expanded capital and a loan facility. The deal is worth up to $156 million, enabling the development of Galaxy's key Mt Cattlin spodumene project, including its Jiangsu lithium carbonate project in China. Corrs is advising Creat Group.

Earlier this month, Yanzhou Coal Mining Company announced its proposed $3.3 billion takeover of ASX-listed coal player Felix Resources by way of a scheme of arrangement. If completed, this will be the biggest Chinese deal in the Australian coal sector and the largest takeover by a Chinese SOE in Australia.

Corrs Partner and Chair of Corrs' national Energy and Resources Division, Adam Handley (pictured), commented: "The recent economic slowdown and bilateral relationship issues between Australia and China haven't dented the enthusiasm of China investors to seek out quality energy and resources projects in Australia.

"We believe that Australian companies and the economy in general will continue to benefit from that ongoing interest."

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