The board of Indophil Resources (ASX:IRN) yesterday recommended an A$545m takeover bid by China’s Zijin Mining. Indophil’s key asset is its minority stake in the Tampakan copper-gold project in the southern Philippines.
Freehills worked in conjunction with TransAsia Lawyers, Philippine law firm Fortun Narvasa Salazar as well as Baker & McKenzie. The Freehills team was led by Partner John Tivey, supported by solicitor Felicity Hammond. Tivey and his team have advised on a wide range of energy and resources projects in South East Asia and Australia. The TransAsia team was led by Managing Partner Jesse Chang, supported by associates Pascal Jiang and Cindy Lu. The TransAsia team has been very active with energy and resources projects involving Chinese outbound investments.
Freehills Partner John Tivey said, ‘It was important in this deal to understand our client’s key objectives and remain flexible in light of external economic factors. The announced deal meets Indophil’s objectives and delivers excellent value to the Indophil shareholders’.
The Freehills team has assisted Indophil to weather the impact of the global financial crisis which interrupted Indophil’s sale process. Freehills provided strategic legal advice in a complex sale process which commenced in 2008 and involved two attempted takeover bids and a proposed asset sale across multiple jurisdictions.
As commodities prices have risen investors are again turning their attention to mining and exploration projects. The Indophil deal reflects this trend and is also an indicator that China’s appetite for natural resources continues to grow.
Freehills and TransAsia Lawyers have recently advised on a number of acquisitions by Chinese entities, including the sale of various OZ Minerals mining interests to China Minmetals in which Tivey was also the lead partner.
Freehills capitalised on its strategic alliance with TransAsia Lawyers for both this transaction and the OZ Minerals sale. TransAsia Lawyers is a leading law firm licensed in the People’s Republic of China. Gresham Advisory Partners acted as Indophil’s corporate advisor.
