Allens acts for Rio Tinto on JV agreement with Chinalco
3 August 2010
Allens Arthur Robinson (Allens) has acted for Rio Tinto on its recently announced binding agreement with Chalco, a subsidiary of the Chinalco, in relation to the Simandou iron ore project joint venture.
The JV agreement will cover the development and operation of the Simandou iron ore project in Guinea, including the planning, construction and management of the mine and associated rail and port infrastructure.
The project is considered to be perhaps the best undeveloped iron ore prospect in the world. Chalco will earn an effective 44.6 per cent interest in the project by sole funding expenditure of US$1.35 billion.
The binding agreement, which was commemorated with a signing ceremony in the Great Hall of the People in Beijing last Thursday, followed the earlier signing of a memorandum of understanding between Rio Tinto and Chalco's parent, Chinalco, in March 2010.
The Allens team, led by Partner Scott Langford, advised Rio Tinto for more than nine months on the transaction, spending considerable time based in the firm's offices in Hong Kong and also Beijing. The Allens team included senior lawyers from the firm's Hong Kong, Beijing and Shanghai offices.
'This binding agreement culminates what has been a lot of hard work, so we are thrilled with the result,' said Mr Langford.
'One of Rio Tinto's top priorities is to develop its relationship and business links with China, so we are delighted to be able to assist our client in establishing this ground breaking joint venture. Even more pleasing is the fact that the arrangement progresses and builds on Rio Tinto's relationship with its largest shareholder, Chinalco.'
| Allens legal team | Scott Langford (Partner – Melbourne), Steve Pemberton (Partner – Melbourne), Nic Tolé (Partner – Perth), Ted Hill (Partner – Melbourne), Richard Kriedemann (Partner – Sydney), Mark McAleer (Senior Associate – Perth), Ross Keene (Senior Associate – Shanghai), Steven Potter (Senior Associate – Melbourne), Steven Local (Lawyer – Perth) and Myra Stirling (Lawyer – Melbourne) |
Ends
For further information, please contact:
- Jane FoleyCorporate Communications Coordinator,
Melbourne
Ph: +61 3 9613 8503
Jane.Foley@aar.com.au
Notes for editors.
Allens Arthur Robinson has staff in 14 cities and eight countries across the Asia Pacific.
