Mandats représentatifs
Publié03 décembre 2024
Zijin Mining Group completes purchase of La Arena for US$245 million cash upfront and US$50 million contingent payment
On December 3, 2024, Jinteng (Singapore) Mining Pte. Ltd., a subsidiary of Zijin Mining Group Co., Ltd. (collectively, "Zijin"), completed the acquisition of La Arena S.A. (“La Arena”), which owns the La Arena gold mine as well as the La Arena II copper-gold project in Peru, from Pan American Silver Corp. (NYSE: PAAS) (TSX: PAAS) ("Pan American"). Under the terms of the agreement, Zijin paid US$245 million in cash consideration and granted Pan American a life-of-mine gold net smelter return royalty of 1.5% for the La Arena II project. Upon commencement of commercial production from the La Arena II project, the agreement provides for an additional contingent payment from Zijin of US$50 million in cash.
As part of the approval received from the Government of Canada under the Investment Canada Act (the “ICA”), Pan American and La Arena entered into an offtake agreement in respect of the La Arena II project, which will enable Pan American to secure up to 60% of the future copper concentrate supply from the La Arena II project on commercial terms for sale in North American markets, following the commencement of commercial production.
Gowling WLG advised Zijin with respect to this purchase with a team comprised of France Tenaille and Brett Kagetsu (co-leads), Faran Umar-Khitab, Erik Goldsilver, Ethan Chang, Natalia Castro, Paul Carenza, Michael Watson, Matthew Estabrooks and David Woodfield, and on ICA matters, Ian Macdonald and Elad Gafni.
As part of the approval received from the Government of Canada under the Investment Canada Act (the “ICA”), Pan American and La Arena entered into an offtake agreement in respect of the La Arena II project, which will enable Pan American to secure up to 60% of the future copper concentrate supply from the La Arena II project on commercial terms for sale in North American markets, following the commencement of commercial production.
Gowling WLG advised Zijin with respect to this purchase with a team comprised of France Tenaille and Brett Kagetsu (co-leads), Faran Umar-Khitab, Erik Goldsilver, Ethan Chang, Natalia Castro, Paul Carenza, Michael Watson, Matthew Estabrooks and David Woodfield, and on ICA matters, Ian Macdonald and Elad Gafni.
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