Global law firm Norton Rose Fulbright has advised Shandong Gold Mining Co. Ltd (SDG), a Chinese mining company, on the acquisition of 50% of shares in Veladero gold mine in Argentina, owned by Barrick Gold Corporation (BGC), for US$960 million.
The Veladero mine is one of the largest gold mines in Argentina and the world. It is located in the San Juan Province of Argentina, Frontera District and produced 544,000 ounces of gold in 2016. Shandong Gold Mining Co. Ltd is listed on the Shanghai Stock Exchange and is a leading gold company in China.
Following the acquisition, SDG will hold directly and indirectly 50% of Mineral Argentina Gold S.R.L. under a joint venture with Barrick Gold Corporation, one of the world’s largest gold producers. The transaction also includes a strategic co-operation regarding SDG exploring the possibility of becoming a substantial investor in Barrick’s Pascua Lama mine project, one of the world’s largest undeveloped gold deposits, located on the El Indio Gold Belt on the border of Argentina and Chile.
The Norton Rose Fulbright team was led by corporate partners Yi Wang (Beijing) and David McIntyre (Toronto), supported by associates Lianying Wang, Tom Wang, and Lucy Liu and paralegal Han Qiu and Sherry Zhou. Competition law advice was provided by Hong Kong competition partner Marc Waha, supported by associate Sophie Chen.
Yi Wang, commented:
“This is a significant transaction in the mining industry and highlights Chinese investment into Argentina. The acquisition shows not only the expansion of Shandong Gold in to the South American region, but more importantly the commencement of its plan of internationalism through its strategic commercial relationship with Barrick.”
For further information please contact:
Stuart Lennon, Senior Marketing and Communications Manager, Asia
Tel: +852 3405 2306
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