Northern Star Resources Limited’s US$800 Million Interest Acquisition In KCGM Super Pit

Ashurst has advised Northern Star Resources Limited in relation to its acquisition of a 50% interest in the KCGM Super Pit for total consideration of US$800m, and its associated equity raising.

On 17 December 2019, Northern Star announced that it had entered into a binding sale agreement with Newmont Goldcorp Australia, a subsidiary of Newmont Goldcorp Corporation (Newmont), to acquire all of the shares in Kalgoorlie Lake View Pty Ltd which holds a 50% interest in Kalgoorlie Consolidated Gold Mines Pty Ltd (KCGM) and in the operations and assets managed by KCGM and certain additional associated assets.

Completion of the acquisition was subject only to approval of the Western Australia Minister of Lands, which has now been obtained. The acquisition is expected to close in early January 2020 (with economic benefit transferring to Northern Star from 1 January 2020 regardless).

KCGM is a 50:50 JV between Newmont and Saracen Mineral Holdings Limited (Saracen) and includes the iconic Super Pit in Kalgoorlie, Western Australia, among other deposits.

The team was led by partners Antonella Pacitti, Roger Davies (Picture) and Lorenzo Pacitti, supported by senior associates Richard Shi and Christopher Barry and lawyers Jacob Carmody, Amy Saunders, Daniel Ravikovitch, Brandon McEvoy and Joseph Nguyen.

Involved fees earner: Christopher Barry – Ashurst; Jacob Carmody – Ashurst; Roger Davies – Ashurst; Lorenzo Pacitti – Ashurst; Antonella Pacitti – Ashurst; Richard Shi – Ashurst;

Law Firms: Ashurst;

Clients: Northern Star Resources Limited;

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Author: Michael Patrini