Unearthed: November 2011

Novembre 2011

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A newsletter for clients and contacts in the global mining industry

 

Events

Upcoming events

Investing in African Mining Indaba- Cape Town, 6-9 February 2012

Indaba is the world’s largest gathering of mining’s most influential stakeholders and decision-makers in African mining. Norton Rose South Africa and a contingent of partners from Norton Rose Group offices around the globe will host the event at Indaba.


Recent events

Oil, Gas and Minerals: International Arbitration and Advocacy Skills- London, 5-9 September 2011

Steve Abraham, Norton Rose LLP, presented on risks in and disputes that arise in international mining investments at this five day conference on international arbitration in the oil, gas and minerals industry run by the Centre for Energy, Petroleum and Mineral Law and Policy.

Papua New Guinea Prime Minister lunch – Brisbane, 9 September 2011

Norton Rose Australia, with Kramer Ausenco, hosted a lunch in Brisbane with the Honourable Peter O’Neill, Prime Minister of Papua New Guinea. The lunch was attended by representatives of major mining, energy and infrastructure companies. The Prime Minister provided comments on his Government's initiatives in relation to the mining and petroleum industry.

Mining in Difficult Jurisdictions, Focus on Africa: seminar and drinks reception: – Toronto, 13 September 2011

Norton Rose Group’s global mining experts Dawn Whittaker, Martin McCann, Poupak Bahamin, Pierre Dagenais, Steve Tenai and Michael Torrance discussed due diligence, risks and structuring issues in this presentation focusing on investment in Africa.

Norton Rose’s Associate Office Susandarini & Partners Celebrates New office–  Jakarta, 15 September 2011

In May 2011, Norton Rose’s associate office Susandarini & Partners,  relocated to new office premises in Jakarta and on 15 September 2011, colleagues and clients celebrated the opening. Susandarini & Partners has a broad-based corporate and commercial practice, representing banks, insurance companies, corporates and other financial institutions while also having significant experience advising on energy, infrastructure, oil and gas, mining and transport projects and transactions.

Breakfast briefing series: Listing resource companies on the Toronto Stock Exchange – London, 28 September 2011

Held at our London offices, Julie Shin (Director of Listed Issuer Services, TSX) and Orlee Wertheim (Head of Business Development Global Mining, TSX) presented on listing qualifications, the listing process and the rules and regulations governing the Toronto Stock Exchange and Toronto Venture Exchange, using practical examples of companies that have already listed and the long-term trends in the Toronto market.

View the presentation.

Transparency International lecture and drinks reception: Corruption in Russia – London, 5 October 2011

Held at our London offices, guest speaker Elena A. Panilflova, Director of the Centre for Anti-Corruption Research and Initiative Transparency International Russia, shared some of her work from the past decade including: the development of anti-corruption strategies for transition democracies, corruption research, anti-corruption and freedom of information legislation drafting, monitoring of legislation implementation, monitoring and research of political corruption.

Committee for Economic Development of Australia (CEDA) – Brisbane, 14 October 2011

Norton Rose Australia sponsored a Committee for Economic Development of Australia (CEDA) event with keynote speaker, The Honourable Kevin Rudd MP, Minister for Foreign Affairs. Minister Rudd provided an open conversation on foreign policy in a resources economy.

Recent deals
  • Norton Rose South Africa (incorporated as Deneys Reitz Inc.) and Norton Rose Australia acted for the arrangers in the syndication resulting in JPMorgan, Bank of New York Merrill Lynch and ABSA becoming lending banks. Advising a $30m financing facility for ICICI to Homeland Energy Group (part of GMR Group).
  • Norton Rose South Africa (incorporated as Deneys Reitz Inc.) advised Exxaro Resources in a transaction worth ZAR12 billion. Oklahoma City–based chemical company Tronox has agreed to acquire the mineral sands operations of South Africa's Exxaro Resources in exchange for a 38.5 per cent equity stake in a new company over which Tronox will have majority control.
  • Advised Investec Bank Limited on a ZAR1.47 billion financing agreement for Gold One International’s acquisition of Rand Uranium. The deal was led by a team from Norton Rose South Africa who advised on the debt finance for the deal and Norton Rose Australia who advised on the equity and derivatives agreement.
  • Norton Rose LLP acted as Russian and English law advisers to coal explorer Tigers Realm Coal Ltd. on its A$37.5 million initial public offering and listing on the Australian Stock Exchange.  The listing makes Tiger Realm Coal Ltd the first Australian listed company with more than 50 per cent of its currently inferred resources held in Russia.  Tigers Realm Coal Ltd is currently developing two coking coal projects - the Amaam Coking Coal Project in Far Eastern Russia and the Landazuri Coking Coal Project in Colombia.
  • Norton Rose OR LLP acted as counsel to TSX-listed Timmins Gold Corp. in the exchange of $63 million of special warrants, issued through a private placement, for common shares that the company had previously issued to mining focused private equity funds Pacific Road Entities.
  • Norton Rose OR LLP acted as counsel to Casimir Capital, lead Agent, for the C$25 million brokered private placement financing of TSX listed Prodigy Gold Inc., a Vancouver-based gold exploration and mine development company with assets in Eastern Canada.
  • Norton Rose South Africa (incorporated as Deneys Reitz Inc.) acted as advisors to Nedbank Limited (acting through its Nedbank Capital division) in relation to a revolving loan facility to Barberton Mines (Proprietary) Limited for purposes of financing its capital expenditure and general corporate and working capital requirements.
In profile

Anthony LatimerWithin many international jurisdictions we are seeing significant capital investment in infrastructure for mining projects. This investment growth has been driven by the need to develop mine sites and infrastructure to service increasing global demand for natural resources. Anthony Latimer, a Norton Rose Australia partner based in Sydney, focuses on mining, transport and logistics. He advises national and international clients. In particular Anthony has advised governments and corporations in China and Papua New Guinea for a number of years. He specialises in mergers and acquisitions, corporate restructuring, corporate governance, shareholder arrangements, joint ventures and commercial contracts.

Read more about Anthony

Legal updates and articles

Ontario Court of Appeal overturns trial decision in Smith v Inco

The Ontario Court of Appeal recently overturned a trial decision which had awarded $36 million against Inco for damage from emissions from an Ontario, Canada nickel refinery. The case was the first trial of an environmental class action in a common law province of Canada.

Learn more about the court decision


Construction and Infrastructure Updater

We look at some of the most recent cases affecting business in the construction industry including advance payment guarantees, issues of conclusiveness and prevention, limitation periods and more.

Read the update


Quebec government unveils Plan Nord and details of its implementation

On 9 May 2011, the Quebec government released details regarding the substance and implementation of the Plan Nord. Plan Nord addresses a number of objectives, including making Quebec a world leader in the realm of clean, renewable energy and maximizing its mineral resource potential.

Learn more


Minerals Rent Resource Tax Second Exposure Draft

On 18 September 2011, the Australian Federal Government released the second exposure draft legislation for the proposed Minerals Resource Rent Tax (MRRT). The MRRT will commence on 1 July 2012 and apply to profits from iron ore and coal projects in Australia.

Learn about the new provisions

The federal government introduced the Minerals Resource Rent Tax Bill into Parliament on 2 November 2011. We will provide further details as this progresses.


Environment Impact Assessment Case Law Update 2011

In recent years we have seen a large number of cases involving Environmental Impact Assessment (EIA) and, in particular, the issuing of screening opinions. We provide a brief summary of some of the more important cases in this briefing.

Read the updater


New mining code in Guinea herald’s changes in mining sector

On 9 September 2011, the Republic of Guinea formally adopted a new mining code. In this briefing, we summarise the key changes to the mining sector in Guinea heralded by the new code.

Read the briefing

To watch a video of Poupak Bahamin, a Partner from our Paris office, answer questions about the new code, click here


Canadian Protectionism? Political and legal considerations for foreign investment in Canada

Canada’s law governing foreign investment, the Investment Canada Act has come under increased scrutiny since the government’s review of BHP Billiton’s proposed acquisition of Potash Corporation of Saskatchewan in late 2010. For the second time in two years, the Canadian government blocked an acquisition by a foreign investor, using a law that had never before in its 25 year history been used for that purpose. This paper authored by Derek Burney, a senior strategic advisor and Kevin Ackhurst a lawyer, both with Norton Rose OR, outlines the legal framework for foreign investment review in Canada, describes recent political events in Canada as they relate to the Act, and concludes with lessons drawn both from recent transactions and recent political events.

Read the article


Who has rights to the natural resources in the Arctic?

States bordering the Arctic claim an international convention gives them rights to the natural resources found in the Arctic, but there are legal, environmental and political obstacles to overcome.

Read the full article.


Brazilian mining sector proposed reforms

The minerals sector has become a backbone of the rapidly growing Brazilian economy and the new president, Dilma Rousseff, has announced earlier this year a series of policy reforms in the form of a “National Mining Plan 2030” to address the growing importance of the sector. The reforms, which will have wide ranging consequences to the minerals industry, have been the subject of intensive discussion with the industry in Brazil and are yet to be finalized. This briefing outlines some of the major proposals in the reform currently under consideration.

Read the full article.