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Nickel producer Western Areas has acquired a nickel operation in Western Australia with the aid of two major firms.
Firms: Ashurst (Western Areas Ltd); Clayton Utz (Glencore)
Value: $24.5 million
Area: M&A
Key players: Corporate partners Lorenzo Pacitti (pictured) and Roger Davies led the team for Ashurst, which also included banking & finance partner Gaelan Cooney.
Clayton Utz was the legal adviser to Glencore.
Deal significance: Cosmos Nickel Complex (CNC) is in the Agnew Wiluna Nickel Belt, about 370 kilometres northwest of Kalgoorlie in Western Australia. The belt is home to a mine working one of the highest-grade nickel deposits ever discovered.
The acquisition presents substantial exploration opportunities in largely untested areas and potentially includes a third underground mine exploiting the undeveloped Odysseus deposit.
Western Areas will acquire 100 per cent of the CNC with a cash purchase of $24.5 million, comprising three instalments: $11.5 million on completion; $7 million nine months after completion; and $6 million 18 months after completion.
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