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Diamond deal for Mills Oakley
Goodrich Resources Ltd has acquired Kimberley Diamond Company.
Digital
Firm: Mills Oakley Lawyers (Goodrich Resources Ltd)
Area: M&A
Value: Undisclosed
Key players: David Nolan led for Mills Oakley
Deal significance: Goodrich Resources Ltd, an ASX-listed company, acquired the total issued share capital of Kimberley Diamond Company NL from Gem Diamonds Limited, an LSE-listed company. Kimberley Diamond Company is the owner and operator of the Ellendale diamond mine in Western Australia, the most significant producer of fancy yellow diamonds in the world. The transaction involved an up front cash payment of $3.25m, funded through a mixture of debt and equity, and the repayment of a deposit of $11.2 million covering environmental bonds, to be repaid out of cash flow from operations over 22 months.
