Advising on $300m Acquisition of Anglo American Norte

28 Sep 2015

International law firm Simmons & Simmons advised a consortium of investors led by Audley Capital Advisors LLP (“Audley Capital”), with Orion Mine Finance (“Orion”) as the principal co-investor, on the acquisition of Anglo American Norte S.A – comprised of the Mantoverde and Mantos Blancos copper mines in northern Chile – from Anglo American plc for an up-front cash consideration of $300m US dollars.

The total consideration payable is up to $500m US dollars contingent upon factors including the average LME (London Metals Exchange) copper price performance and any future decision to pursue the sulphide life extension of the Mantoverde mine.

Corporate partner, Colin Bole commented: “We are very pleased to have worked with Orion and Audley Capital on the Anglo American Norte acquisition, and also with Orion on several other significant corporate and financing matters over the last couple of years. One of the firm’s specialist sectors is energy & infrastructure and our corporate, finance and projects experience in mining and natural resources transactions is a key strength of our sector team”.

Dov Lader, Deputy General Counsel at Orion Resource Partners said: “We are very grateful to the Simmons & Simmons team for all of their hard work, advice and assistance on the Anglo American Norte and EMED transactions. We enjoy working with Simmons & Simmons – their advice is always of the highest quality, delivered in a calm, constructive and commercial manner”.

Corporate partners Colin Bole and Isabella Roberts led the Simmons & Simmons team which included corporate associates Lesley Olsen, Tim Wass, Phoebe So and Stephanie Nembhard-Rogers, tax partners Nick Cronkshaw, Darren Oswick and associate Zoe Arnautov, banking and finance partners John Sayers, Pierre-Regis Dukmedjian (Luxembourg) and associate Dohn Yu, environmental partner Steve McNab, projects partners Patrick Wallace, Iain Duncan and associates Rose-Anna Daukes, Simon Kenolty and Philip Stevens, anti-trust partner Peter Broadhurst and associate Gillian Christie, employment partner Andrea Finn and associate Fraser Cocking and pensions and incentives partners Danny Tsang, Ian Fraser and associates Ed Smith and Bronwen Colgan.

Financial markets and regulatory partner, Jonathan Melrose, is client partner for Orion. The firm has previously advised Orion in connection with its investment in, and the provision of finance to, AIM listed, Europe-based, minerals development and exploration company EMED Mining Public Limited (“EMED”), including on an equity subscription in August 2014, an unsecured debt bridging facility in December 2014 and EMED’s subscription, placing and open offer and capitalisation of the bridging facility and convertible loan notes in May 2015.

Corporate partner Colin Bole also led the Simmons & Simmons team advising on these transactions, which included banking and finance partner James Bresslaw and associate Frederick Morton, corporate partners Mark Dewar, Carlos Jimenez de Laiglesia (Madrid) and associates Danielle Di Petro and Tom Burgoo and projects partner Iain Duncan and associate Rose-Anna Daukes.


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