G+T has advised Sandfire Resources NL (Sandfire) on its acquisition of MOD Resources Limited (MOD) by way of a scheme of arrangement that valued MOD at $A167m. The acquisition, which completed yesterday, gives Sandfire direct access to MOD’s 11,700-square-kilometre landholding across the Kalahari copper belt in Botswana which includes the near-term production stage T3 project.
The transaction involved a parallel acquisition of MOD’s minority exploration joint venture partner Metal Tiger through an innovative structure utilising shareholder approval under item 7, s611 of the Corporations Act, which permitted Metal Tiger to participate in the scheme alongside all other MOD shareholders.
Corporate Advisory partner Justin Mannolini, Energy + Resources partner Phil Edmands and Disputes + Investigations special counsel Patrick Tydde led the G+T team that represented Sandfire in all aspects of the transaction including the due diligence, commercial negotiations and the Court process and employment for implementation advice.
The transaction team was supported by senior associate Oliver Carrick, lawyers Courtney Libby and Jamie Ammendolea and graduates Oliver Haslam and Giorgia Fraser.
Commenting on the transaction, Justin Mannolini said “We were delighted to assist on this significant transaction and in doing so helping Sandfire to acquire a development asset in the T3 Project and consolidate exploration tenure in the highly prospective Kalahari copper belt. This was an example of the diverse skill set which G+T can bring to bear on complex cross-border acquisitions in the energy & resources sector.”
Phil Edmands added that “Our extensive cross border knowledge allowed the team to efficiently navigate the regulatory aspects and mining approvals in Botswana, ensuring due diligence inquiries were directed at the most significant issues and that regulatory approvals were sought and obtained in a timely manner.”
The acquisition of MOD adds the EMEA region (Europe, Middle East and Africa) to Sandfire’s global copper portfolio.