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Papua New Guinea mine stake sold
Two firms have advised on the sale of Newcrest Mining’s stake in the Hidden Valley mine in Papua New Guinea.
Lara Bullock
Firms: Allens (Newcrest Mining); Ashurst (Harmony)
Value: Undisclosed
Area: M&A
Key players: The Allens legal team was led by partner Igor Bogdanich (pictured), with assistance from partner Ted Hill, managing associate Daniel Knight and lawyer Holly Woodcroft.
Deal significance: Newcrest Mining sold its 50 per cent stake in the Hidden Valley joint venture to a wholly owned subsidiary of Harmony Gold Mining Company Limited (Harmony).
The deal will see Harmony become the 100 per cent owner of the Hidden Valley open pit gold and silver mine, located in Papua New Guinea.
Newcrest has also signed an agreement with Harmony to sell its 50 per cent interest in a number of nearby regional exploration tenements.
“We are delighted to have worked with Australia’s largest listed gold producer on this deal,” lead partner Igor Bogdanich said.
“The sale of Hidden Valley will allow Newcrest to focus attention on its other assets, and we look forward to working with them as they continue to grow and innovate.”
