Global law firm Norton Rose Fulbright has advised Shandong Gold Mining Co. Ltd (SDG), a Chinese gold mining company, on the acquisition of 50% of interest in Veladero gold mine in Argentina, owned by Barrick Gold Corporation (BGC), for US$960 million. The transaction completed on June 30 in Toronto.
The Veladero mine is one of the largest gold mines in Argentina and the world. It is located in the San Juan Province of Argentina, Frontera District and produced 544,000 ounces of gold in 2016. Shandong Gold Mining Co. Ltd is listed on the Shanghai Stock Exchange and is a leading gold company in China.
SDG will hold directly and indirectly 50% of Mineral Argentina Gold S.R.L. under a joint venture with Barrick Gold Corporation, one of the world’s largest gold producers. The transaction also includes a strategic co-operation regarding SDG exploring the possibility of becoming a substantial investor in Barrick’s Pascua Lama mine project, one of the world’s largest undeveloped gold deposits, located on the El Indio Gold Belt on the border of Argentina and Chile.
Yi Wang, partner, Norton Rose Fulbright, comments:
“We are delighted to see this significant mining transaction reach completion. We are seeing increasing levels of Chinese investment into Argentina and this emphasises the trend. The acquisition sees Shandong Gold expand its footprint into South America and more widely through its strategic partnership with Barrick.”
David McIntyre, partner, Norton Rose Fulbright, comments:
“Representing Chinese miner Shandong Gold on this transaction, on the heels of our Moscow office representing Chinese conglomerate Fosun International in its US$887 million investment in PJSC Polyus in May, highlights how Norton Rose Fulbright’s global reach fits so perfectly with the mining sector.”
The Norton Rose Fulbright team was led by corporate partners Yi Wang (Beijing) and David McIntyre (Toronto), supported by associates Lianying Wang, Tom Wang, and Liu and paralegal Han Qiu and Sherry Zhou. Competition law advice was provided by Hong Kong competition partner Marc Waha, supported by associate Sophie Chen.
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