On August 31, 2015, Zijin Mining Group Co., Ltd., one of China’s largest gold producers, completed the acquisition from Barrick Gold Corporation of a 50 per cent stake in Barrick (Niugini) Limited (the holder of a 95 per cent interest in the Porgera gold project in Papua New Guinea) for US$298 million in cash, through Gold Mountains (H.K.) International Mining Company Limited, its wholly-owned subsidiary. The parties also entered into a shareholders agreement with respect to the newly formed joint venture and a separate strategic cooperation arrangement relating to future potential joint initiatives.
Barrick Gold was represented by an internal legal team led by Andrew Hastings and Hayden Bartrop, Barrick Gold was advised externally by Davies Ward Phillips & Vineberg LLP, with a team that included Melanie Shishler and Richard Fridman (mining, M&A), Geoffrey Turner (tax) and John Bodrug and Jim Dinning (competition).
Fasken Martineau DuMoulin LLP acted as Canadian advisor to Zijin Mining Group Co. Ltd. in respect of this acquisition, with a team that included Michael Boehm, Lei Huang, Daye Kaba and Bruce Blain.