Antofagasta plc acquires Duluth Metals Ltd.

Antofagasta plc, through its wholly-owned subsidiary, Antofagasta Investment Company Limited, acquired Duluth Metals Limited by way of a plan of arrangement at a price of $0.45 per share, for total cash consideration of approximately $52.8 million. Immediately following the acquisition, Antofagasta funded the purchase by Duluth of $30-million aggregate principal amount convertible debentures, being all of Duluth’s outstanding convertible debentures.

Cassels Brock & Blackwell LLP represented Antofagasta with a team comprised of Darrell Podowski, Paul Stein, Mark Bennett, Joan Beck, Deepak Gill, Myroslav Chwaluk, Jennifer Poirier and Joyce Lim (mining and securities); Chris Hersh and Imran Ahmad (competition); Robert Cohen (litigation), Kristin Taylor (labour and employment), and Matthew Peters (taxation). Faegre Baker Daniels LLP acted for Antofagasta in the U.S.

Bennett Jones LLP acted as transaction counsel to Duluth with a team comprised of Michael Melanson, John MacNeil, Ali Naushahi, Russel Drew, Rami Chalabi, Simon Grant, Claire Webster and Ted Gotlieb (corporate); Jeffrey Leon and Michael Paris (litigation); Martin Sorenson (tax) and Michelle MacGillivray (employment). Fryberger, Buchanan, Smith & Frederick LLP acted for Duluth in the US.

McLean & Kerr LLP acted as corporate counsel to Duluth with a team comprising H.J. (Jim) Blake, Lucie Kroumova and Sam Carsley.

Stikeman Elliott LLP acted as counsel to the debentureholders with a team comprised of John Anderson and Taylor Little.


Darrell W. Podowski Paul M. Stein Mark T. Bennett Joan Beck Deepak S. Gill Myroslav Chwaluk Jennifer Poirier Christopher Hersh Imran Ahmad Robert B. Cohen Kristin R. Taylor Michael N. Melanson John D. MacNeil Ali J. Naushahi Russel W. Drew Simon Grant Jeffrey S. Leon Michael Paris Michelle MacGillivray H.J. (Jim) Blake Lucie Kroumova John F. Anderson Taylor Little