Press Release

White & Case Advises MMG Limited-Led Consortium On Las Bambas Acquisition

Global law firm White & Case LLP has advised the Consortium led by Hong Kong listed MMG Limited on the US$5.85 billion acquisition of the Las Bambas copper project in Peru from Glencore Xstrata plc.

The acquisition is subject to a number of condition precedents including approval of MMG shareholders of the transaction as a very substantial acquisition.

The Consortium is comprised of MMG Limited 62.5%, Guoxin International Investment Corporation Limited 22.5% and CITIC Metal Co., Ltd. 15%. White & Case advised MMG Limited on the entry into the Consortium Shareholder Agreement.

White & Case also advised the Consortium on the funding of the acquisition through a combination of equity and long-term debt facilities from a banking syndicate to be arranged by China Development Bank.

The Las Bambas Project is a world-class copper asset with prospective, near-mine exploration opportunities located in Cotabambas, Apurimac Region of Peru. The estimated mine life is in excess of 20 years. The Project is expected to produce in excess of 2 million tonnes of copper in concentrate in its first five years of operation.

White & Case worked closely with the MMG Limited legal team General Counsel Nick Myers, Deputy General Counsel Allison Purdey and Group Counsel Leigh Mollison. Mr Myers said of the transaction: "White & Case's global reach and experience on complex cross-border transactions was crucial in supporting the successful acquisition of the asset."

Lead Partner and Global Head of Mining and Metals John Tivey said of the deal: "This transaction played to the strengths of White & Case as a truly global law firm, including our strong Latin American presence and our capabilities in Hong Kong and Beijing M&A. It also highlights our expertise in teams across Mining and Metals, Capital Markets, Banking and Project Finance, Antitrust and Construction and Engineering."

The White & Case team was led by John Tivey, who worked closely with Partners Xiaoming Li in Beijing, Julian Chung in Hong Kong, Fernando de la Hoz in São Paulo and Rebecca Campbell in London, supported by Local Partner Anthony Vasey, Counsel Natalie Cheng and Senior Associate Matthew Love in Hong Kong.

"White & Case was delighted to support MMG Limited in this transformational acquisition that delivers on MMG Limited's growth strategy and vision," Mr Tivey said.

"This transaction underlines White & Case's deep expertise in key strategic locations. It is extremely rewarding to lead a dynamic team that can deliver global solutions for complex, cross-border transactions."

Press Contact
For more information please speak to your local media contact.