News

13/12/16

Gilbert + Tobin advises on significant $350 million dollar joint venture, unlocking a new gold mining region

Gilbert + Tobin is pleased to have advised Gold Fields Limited on its 50:50 joint venture with Gold Road Resources for the development and operation of the Gruyere gold project in Western Australia.   

Gold Fields Limited have acquired a 50% interest in the Gruyere Project from Gold Road Resources for A$350m, of which A$100 million will be paid by Gold Fields Limited funding Gold Road’s share of the initial cash calls during the construction phase.

Energy + Resources partner Claire Boyd who led the transaction believes this is one of the most highly contested development opportunities in the Western Australian market. 

 “The transaction is a great achievement for both parties and has essentially unlocked a new and emerging goldfield in Western Australia.  This kind of transaction requires a high degree of collaboration and commitment from all transaction parties and our team worked together to provide seamless support to Gold Fields Limited. We are delighted to have played our part in achieving a favourable outcome for all stakeholders,” Ms Boyd said. 

Gilbert + Tobin advised on the due diligence investigations principally in relation to land access and native title issues during the bidding phase and in the negotiation, drafting and finalisation of the sale and joint venture documents. 
The Gruyere Project aims to commence production by early 2019.  It has a 3.5Moz reserve (6.2Moz resource) which could support average yearly production of 270,000 oz for a 13-year life of mine.

The Gilbert + Tobin team advising on the transaction was led by partner Claire Boyd, and assisted by special counsel Jennifer Hart and lawyer George Salter.  Partner Marshall McKenna advised on the Aboriginal heritage and native title implications of the transaction, while James Lewis, Partner, assisted on financing and security aspects and Adam Musgrave, lawyer, on the indirect tax aspects of the transaction.

Gilbert + Tobin’s Energy + Resources team advises on all aspects of energy and resources projects, including finance, acquisitions and disposals, project development and delivery strategies, construction, procurement, regulation and operations. The team’s mix of corporate, regulatory and project experience enables us to advise on a project’s entire lifecycle in all areas of this sector, including energy, mining, oil and gas as well as renewable energy. The Energy and Resources team is led by Michael Blakiston, an internationally renowned leader in resources law, consecutively listed as a leading individual for Energy and Resources in Legal 500 Asia Pacific and Chambers and Partners Asia Pacific.
 

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