Jurisdiction - Australia
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Ashurst Acts For Western Areas In Acquisition Of CNC.

23 June, 2015

 

Ashurst has advised Western Areas Ltd, through its 100% owned subsidiary, Australian Nickel Investments Pty Ltd on its AUD 24.5m acquisition of the Cosmos Nickel Complex (CNC).

 

The CNC is situated in the Agnew Wiluna Nickel Belt one of the world’s premier nickel belts. The CNC presents substantial exploration opportunities in areas that are largely untested, in addition to operation-ready site infrastructure and significant spares inventory.

 

Western Areas will acquire 100% of the CNC for a total cash consideration of A$24.5 million, comprising of three instalments as follows:

 

  • AUD 11.5m on completion;
  • AUD 7m on nine months following completion; and
  • AUD 6m on 18 months following completion.

 

Completion is subject to approvals and consents that are customary for a transaction of this nature.

 

The acquisition of the CNC is consistent with Western Areas’ growth strategy – it presents substantial exploration opportunities and the potential for a third underground mine with the undeveloped Odysseus deposit.

 

The deal was led by Ashurst partners Lorenzo Pacitti and Roger Davies,with assistance from Gaelan Cooney 

 

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