Herbert Smith Freehills advised IGO Limited on the deal.
IGO Limited proposed a A$903 million divestment of its 30% interest in the Tropicana Gold Mine — a top 5 producing Australian open-pit and underground gold mine located in Western Australia.
IGO’s interest is proposed to be sold to Regis Resources Limited, an ASX-listed mining company (Regis).
Headquartered in Perth, IGO is a leading ASX-listed mining company and long-standing client of Herbert Smith Freehills. The divestment is significant for IGO as it forms part of its broader strategy of becoming a globally relevant battery minerals producer and developer.
Completion of the divestment is subject to the waiver or non-exercise of a right of last refusal held by IGO’s joint venture partner, AngloGold Ashanti Australia Limited (AngloGold Ashanti). AngloGold Ashanti is the manager of the Tropicana Gold Mine and holds the remaining 70% interest. If AngloGold Ashanti exercises its right, the transaction with Regis will not proceed and IGO will instead dispose of its 30% interest to AngloGold Ashanti at the same price and on the same terms which have been agreed with Regis.
Following completion of the Tropicana divestment and Tianqi transaction, IGO will be uniquely exposed to tier 1 nickel and lithium assets, each of which are critical to enabling a clean energy future. This will establish IGO as an Australian leader in the production of clean energy metals.
The Herbert Smith Freehills deal team was led by partner Paul Branston (Picture) with support from Jasper Johnson. The deal team was further supported by Sevan Gore, Geoff Kerrigan, Linda Nguyen and Lucy Gordon.?
Involved fees earner: Paul Branston – Herbert Smith Freehills; Sevan Gore – Herbert Smith Freehills; Jasper Johnson – Herbert Smith Freehills; Geoff Kerrigan – Herbert Smith Freehills; Linda Nguyen – Herbert Smith Freehills;
Law Firms: Herbert Smith Freehills;
Clients: IGO Limited;