Forbes and Manhattan and Africa Finance Corporation’s US$81 million acquisition of 89.89% interest in the Bonikro gold mine in Cote d’Ivoire


Ashurst has advised Newcrest Mining Limited (Newcrest) on the sale of its 89.89% interest in the Bonikro gold mine in Cote d’Ivoire to a consortium consisting of subsidiaries of Forbes and Manhattan and Africa Finance Corporation in a deal worth US$81 million.

The consideration for the transaction comprises a total of US$72 million in cash consideration, and a net smelter royalty on the first 560,000 ounces of gold production from the next pushback of the Bonikro pit with an estimated value of US$9 million.

The transaction was led by partners Shane Kyriakou (picture) and Yann Alix, who were assisted by a global team including partner Angus Ross, senior associates Matt Hartsuyker and James Clarke, associates Alexander Kedzior, Claudia Cicone and Melanie Wong, and trainees Lizzie Bird, Harry McConnell, Eva Zimmermann and Camilla Booth-Clibborn.

Involved fees earner: Shane Kyriakou – Ashurst; Yann Alix – Ashurst; Matt Hartsuyker – Ashurst; Alexander Kedzior – Ashurst; Claudia Cicone – Ashurst; Angus Ross – Ashurst; James Clarke – Ashurst; Melanie Wong – Ashurst;

Law Firms: Ashurst;

Clients: Newcrest Mining Limited;

Author: Michael Patrini