Norton Rose Fulbright South Africa advises on US$200 million metal purchase

Global Press release - Business November 5, 2018

Norton Rose Fulbright South Africa has advised Pangaea Investment Management, an associate of Chinese copper giant Jiangxi Copper, on a large and highly complex US$200 million platinum metal purchase transaction with the Lonmin group, the third largest global platinum producer. The funds were released to the Lonmin group from escrow in October 2018.

Led out of the Johannesburg office by banking and finance partner, Mike Mclaren and mergers and acquisitions partner, Georg Kahle, the multi-disciplinary team advised the funder on this highly complex and innovative funding transaction, both on South-African and English-law.

The landmark transaction in South Africa enables the Lonmin group to refinance its significant, and highly restrictive, existing indebtedness to its South African and International creditors, helps strengthen Lonmin’s balance sheet with additional working capital, and primes the group for the much anticipated merger with Sibanye Stillwater. The market-leading transaction reaffirms the continued commitment by China to its Belt and Road initiative.

The complex transaction, completed within a short timeframe, involved a large number of Lonmin’s existing creditors across the South African and international lender syndicates. The Norton Rose Fulbright team developed an innovative refinancing structure and transaction implementation protocol to ensure that the transaction was timeously implemented in a manner that not only satisfied the client’s needs and requirements, but also fulfilled all of the Lonmin group’s objectives.

For further information please contact:

Rachel Lailey, Content manager, Africa
Tel +27 11 685 8624 | Mob +27 83 730 2000

Notes for editors:

Norton Rose Fulbright

Norton Rose Fulbright is a global law firm providing the world’s preeminent corporations and financial institutions with a full business law service. The firm has more than 4,000 lawyers and other legal staff based in Europe, the United States, Canada, Latin America, Asia, Australia, Africa and the Middle East.

Recognized for its industry focus, Norton Rose Fulbright is strong across all the key industry sectors: financial institutions; energy; infrastructure, mining and commodities; transport; technology and innovation; and life sciences and healthcare. Through its global risk advisory group, the firm leverages its industry experience with its knowledge of legal, regulatory, compliance and governance issues to provide clients with practical solutions to the legal and regulatory risks facing their businesses.

Norton Rose Fulbright operates in accordance with its global business principles of quality, unity and integrity, aiming to provide the highest possible standard of legal service in each of its offices and to maintain that level of quality at every point of contact.

Norton Rose Fulbright Verein, a Swiss verein, helps coordinate the activities of Norton Rose Fulbright members but does not itself provide legal services to clients. Norton Rose Fulbright has offices in more than 50 cities worldwide, including London, Houston, New York, Toronto, Mexico City, Hong Kong, Sydney and Johannesburg. For more information, see