Mitsubishi Materials Corporation’s $275 Million Accquisition of 30% Stake in Mantoverde

Morales & Besa, Allen & Overy, Baker McKenzie, Simmons & Simmons, Norton Rose Fulbright and Prieto Abogados advised on the transaction

MMC had entered a share subscription agreement with Mantos Copper Holding SpA to acquire a 30% stake in Mantoverde S.A., which operates the Mantoverde copper mine in Chile. MMC will participate in the construction of the building facilities including a concentrator and a tailings dam to support the extraction and processing of sulphide ore.

The acquisition was subject to the closing conditions including arrangement of the project financing. Today, we are pleased to announce all the closing conditions have been satisfied and we have formally acquired a 30% stake in MV for a total consideration of approximately $275 million. MMC investment also includes the pro-rata portion of the construction capex as well as adjustments for working capital since the original announcement in February 2020.

Furthermore, as part of the financing for the Project, MMC agreed to provide a $60 million Cost Overrun Facility which provides MMC with incremental copper concentrates produced by the Project. As a result, including the offtake entitlement from its 30% ownership stake, MMC expects to be entitled to approximately 42% of the total copper concentrate of MV.

Banco de Crédito e Inversiones, BNP Paribas, Export Finance Australia, ING Capital LLC, MUFG Bank, Ltd, Natixis and Societe Generale provided financing for the transaction.

Baker McKenzie advised Mantos Copper SpA with Antonio Ortúzar, Jaime Munro, Sebastián Vivanco, José Ignacio Berner, Martín Muller, Cristóbal Larrain and Andrés Lecaros.

Simmons & Simmons advised Mantoverde S.A. with Adam Cooper, Isabella Roberts, Iain Duncan, Nick Cronkshaw,  Corinne Noel, Oliver West, Simon Kenolty, Ece Aygar, Lesley Olsen, Zoë Arnautov, Samuel Chapman, Hadiah Amirullah, Nidhi Sahdev, Jessica Matheret and Kane Maskell.

Morales & Besa advised Mitsubishi Materials Corporation with  Myriam Barahona A, Clemente Silva, Ignacio Chomalí V., Camila Venegas, José Manuel Meli U., Michel Diban G. (Picture),  Patricio Novoa López-Hermida, Paloma Infante, Katannya Jablonski V. Asociadas María Francisca Bannura, Sebastián Streeter and María Luisa Portales.

Norton Rose Fulbright advised Banco de Crédito e Inversiones, BNP Paribas, Export Finance Australia, ING Capital LLC, MUFG Bank, Ltd, Natixis and Societe Generale with Rachel Crouch, Alison Babbitt, Geoffrey Gilbert y Evan Cobb. Asociados Edward Anido, Josh Smith, Kyle Walton, Michael Cockburn, Meaghan Farrell, Alexandra Saikaley,  Daniel Leslie, Nigel Dickinson, Daniel Franks, Mark Berry, Holly Stebbing, Katie MacDougall, Matthew Hacking, Felicity Brown, Nicola Thompson, Laurence Judges, Temi Adetugbo, Cloudesley Long, Olivia McDonnell. Kade Coutain, Oliver Paasch and Justin Goushas.

In Chile, Prieto Abogados advised Banco de Crédito e Inversiones, BNP Paribas, Export Finance Australia, ING Capital LLC, MUFG Bank, Ltd, Natixis and Societe Generale with Mario Gorziglia, Nicolás Yuraszeck, Isabel Monge, Aníbal Larrain, Trinidad Simón, Camila Kutz, Agustín Martorell, Luz María Calvo, Tomás Larraín, Valentina Sifon, Iván Torrealba and Magdalena Steinmetz.

Involved fees earner: Jose Ignacio Berner – Baker McKenzie; Cristobal Larrain – Baker McKenzie; Andrés Lecaros – Baker McKenzie; Martin Muller – Baker McKenzie; Jaime Munro – Baker McKenzie; Antonio Ortúzar Jr. – Baker McKenzie; Sebastián Vivanco – Baker McKenzie; María Francisca Bannura – Morales & Besa; Myriam Barahona – Morales & Besa; Ignacio Chomalí V. – Morales & Besa; Michel Diban G. – Morales & Besa; Paloma Infante M. – Morales & Besa; Katannya Jablonski – Morales & Besa; José Manuel Meli – Morales & Besa; Patricio Novoa L-H. – Morales & Besa; María Luisa Portales – Morales & Besa; Clemente Silva – Morales & Besa; Sebastián Streeter – Morales & Besa; Camila Venegas – Morales & Besa; Temi Adetugbo – Norton Rose Fulbright; Edward Anido – Norton Rose Fulbright; Alison Babbitt – Norton Rose Fulbright; Mark Berry – Norton Rose Fulbright; Felicity Brown – Norton Rose Fulbright; Evan Cobb – Norton Rose Fulbright; Michael Cockburn – Norton Rose Fulbright; Rachel Crouch – Norton Rose Fulbright; Nigel Dickinson – Norton Rose Fulbright; Meaghan Farrell – Norton Rose Fulbright; Daniel Franks – Norton Rose Fulbright; Geoffrey Gilbert – Norton Rose Fulbright; Justin Goushas – Norton Rose Fulbright; Matthew Hacking – Norton Rose Fulbright; Laurence Judges – Norton Rose Fulbright; Daniel Leslie – Norton Rose Fulbright; Cloudesley Long – Norton Rose Fulbright; Katie MacDougall – Norton Rose Fulbright; Oliver Paasch – Norton Rose Fulbright; Alexandra Saikaley – Norton Rose Fulbright; Josh Smith – Norton Rose Fulbright; Holly Stebbing – Norton Rose Fulbright; Nicola Thompson – Norton Rose Fulbright; Luz María Calvo – Prieto; Mario Gorziglia – Prieto; Camila Kutz E. – Prieto; Aníbal Larrain – Prieto; Tomás Larraín – Prieto; Agustín Martorell – Prieto; Isabel Monge – Prieto; Valentina Sifón – Prieto; Trinidad Simón – Prieto; Magdalena Steinmetz – Prieto; Iván Torrealba M. – Prieto; Nicolas Yuraszeck – Prieto; Zoë Arnautov – Simmons & Simmons; Ece Aygar – Simmons & Simmons; Adam Cooper – Simmons & Simmons; Nick Cronkshaw – Simmons & Simmons; Iain Duncan – Simmons & Simmons; Simon Kenolty – Simmons & Simmons; Corinne Noel – Simmons & Simmons; Lesley Olsen – Simmons & Simmons; Isabella Roberts – Simmons & Simmons; Oliver West – Simmons & Simmons;

Law Firms: Baker McKenzie; Morales & Besa; Norton Rose Fulbright; Prieto; Simmons & Simmons;

Clients: Banco de Crédito e Inversiones; BNP Paribas; Export Finance Australia; ING Capital LLC; Mantos Copper SA; Mantoverde S.A.; Mitsubishi Materials Corporation; MUFG Bank, Ltd.; Natixis; Société Générale;

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