Gilbert + Tobin advised Firefinch Limited (Firefinch), formerly Mali Lithium, on the acquisition of the Morila Gold Mine in Mali, which completed on 10 November 2020.
The transaction resulted in acquisition of an 80% interest in the asset from AngloGold Ashanti Limited and Barrick Gold Corporation. The final acquisition price was US$27.67 million (A$38.4 million) plus a US$1.2 million adjustment for gold in Dore and in fine carbon.
Gilbert +Tobin advised Firefinch on the negotiations and on the A$74 million (before costs) capital raising to fund the transaction.
Energy + Resources partner Michael Blakiston commented on the deal stating “It was a pleasure working with the Firefinch team on what was a complex and challenging transaction resulting in huge benefits not only for Firefinch but for the Government of Mali, the Morila workforce and surrounding Malian community. We look forward to seeing the long-life gold operation run under Firefinch’s ownership.”
The transaction underpins Gilbert + Tobin’s extensive experience advising on the gold mining sector as well as project development in West Africa.
The team was led by Energy + Resources partner Michael Blakiston, and supported by lawyers Amelia Arndt, Lara Borshoff and Chamali Samarasinghe.