Gilbert + Tobin advised OZ Minerals Limited (OZ Minerals) on the acquisition of Cassini Resources Limited (Cassini Resources) by way of scheme of arrangement, which was implemented on 5 October 2020.
OZ’s acquisition of Cassini Resources followed the demerger of Cassini Resources’ Yarawindah Brook and Mount Squires assets to newly established Caspin Resources Limited by way of a separate and interconditional scheme of arrangement on 5 October 2020.
The transaction results in the consolidation of OZ Minerals’ ownership of the West Musgrave Project, giving OZ Minerals flexibility over the development approach for the project. The West Musgrave Project, which is considered to be Australia’s largest undeveloped copper-nickel deposit, is located in Western Australia near the borders of South Australia and the Northern Territory.
Commenting on the deal, Corporate Advisory partner Julie Athanasoff said “It was a pleasure advising the OZ Minerals team on this strategically significant transaction, which delivers a mutually beneficial outcome to both OZ Minerals and Cassini Resources shareholders. We are excited to see the next steps for the West Musgrave Project under OZ Minerals ownership.”
The team was led by Corporate Advisory partner Julie Athanasoff, with support from Corporate Advisory partner Justin Mannolini, senior associate Matthew Watkins, and lawyers Courtney Libby and Gabrielle Sumich. Special Counsel Patrick Tydde and lawyer Jamie Ammendolea from G+T’s Disputes and Investigations team advised on the court approval process for the scheme of arrangement.