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South Korean steelmaker acquires equity interest in WA mine
Global firm DLA Piper has advised a competitive steelmaker headquartered in South Korea on acquiring a 30 per cent equity interest in a Western Australian nickel mine.
Naomi Neilson
Firm: DLA Piper (POSCO)
Value: US$240 million.
Area: M&A.
Key players: A multidisciplinary, cross-border team was led by partners Andrew Fisken, Alex Jones, Rhys Davies and Daniel Lee, who were supported by partner Alex Regan, special counsel Joanne Steer, senior associate Matthew Roberts, senior foreign legal associate Bradley Heath and Katalin Legradi.
Associates Tara Alexander, Kimberley Chee, DK Donghyun Kim and Jenita Iyalu also assisted, supported by legal project manager Charlotte Elliott.
Deal significance: POSCO is one of the most competitive steelmakers in the world and is the first integrated steel mill in Korea. Ravensthorpe Nickel Operation is a West Australian nickel mine and hydrometallurgical processing plant.
The transaction also involves POSCO being provided with a long-term offtake agreement for 7,500 tonnes of nickel in mixed nickel-cobalt hydroxide precipitate per year produced at Ravensthorpe.
Mr Fisken commented: “We are delighted to have worked with POSCO to help it secure a strategic stake in this world class nickel operation, helping to establish a stable supply of this product for POSCO for years to come.”
Naomi Neilson
Naomi Neilson is a senior journalist with a focus on court reporting for Lawyers Weekly.
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