Global Metals & Mining

Our Global Metals & Mining Group has been at the forefront of multi-jurisdictional M&A, alternative financing structures, major project developments and high stakes litigation.

We blend a deep bench of top-tier lawyers experts with significant industry experience and a relentless focus on achieving business objectives, managing risk and delivering value for our clients. We are trusted advisers to many of the global majors and our broad client base includes mid-tier and junior mining companies as well as streamers, lenders, private equity, strategic investors, traders and SOEs.

From our offices in Canada, London and New York, our regular on-the-ground presence in Latin America and West Africa and our global network of relationships, our lawyers routinely work across borders, in several languages (including French, Spanish, Portuguese) and provide advice under both common law and civil law regimes (including the OHADA laws of West Africa).

Our dedicated team includes lawyers with experience in-house at some of the largest global mining companies. This helps ensure we always bring a real world perspective to finding solutions for our clients.

Trends and Outlook:

Over the past ten years since the global financial crisis, the environment within which the metals and mining industry operates has experienced some important changes:

  • growing resource nationalism in both developed and emerging markets
  • social and environmental license are now more important than ever
  • increased regulatory scrutiny and investigations across a wide range of issues from anti-corruption and bribery to financial reporting and trade sanctions
  • decline of traditional capital markets and the rise of alternative financing structures
  • ever-increasing shareholder litigation and activism

In some cases, there has been less change than expected.  For example, mining technology has yet to fully realize on its transformative potential.

Our Group is committed to being in front of these trends.  Our proactiveness in doing so has earned us widespread recognition in many areas, such as metal streaming and strategic joint ventures around the globe

We see these trends continuing apace in 2019 and anticipate more public M&A, mergers of equals and going private transactions as the gold sector consolidates, the global majors wind down their divestitures, the competition for high quality base metals mines continues apace.

 

Notable Recent Transactions:

  • Glencore – Acting for Glencore on its US$243 million debt extension to, and standby commitment for a US$250 million rights offering by, TSX and NYSE-listed Poly Met Mining which operates the NorthMet copper-nickel precious metals project in Minnesota
  • Newcrest – Acting for Newcrest Mining on its US$806.5 million agreement to acquire a 70% joint venture interest in the Red Chris copper and gold mine in British Columbia from Imperial Metals
  • Royal Gold – Acted for Royal Gold on its US$265 million silver streaming transaction on Cupric Canyon’s Khloemacau copper project in Botswana
  • Mubadala – Acted for Mubadala on its $130 million strategic investment to acquire convertible notes of TSX-listed Equinox Gold to fund construction of Equinox’s Castle Mountain gold project in California
  • La Mancha – Acted for La Mancha on its US$125.7 million strategic investment to acquire 30% of the shares of TSX and NYSE-listed Golden Star Resources which operates the Wassa and Prestea gold mines in Ghana
  • Anglo American – Acted for Anglo American on its US$57.3 million earn-in with Luminex Resources to fund exploration on Luminex's Pegasus gold copper project in Ecuador
  • Trevali – Acted for Trevali Mining on its US$275 million revolving credit facility with a syndicate of banks led by the Bank of Nova Scotia and HSBC Bank Canada
  • Deloitte Restructuring/Grande Cache Coal – Acted for Deloitte Restructuring, as receiver of Grande Cache Coal, on CST Canada Coal's US$430 million acquisition of the Grande Cache Coal mine in Alberta
  • Vale – Acted for Vale on its US$690 million cobalt streaming transaction with Wheaton Precious Metals and Cobalt 27 Capital for the Voisey's Bay mine in Newfoundland and Labrador
  • Newcrest – Acted for Newcrest Mining on its US$250 million strategic investment to acquire 27% of the shares of TSX-listed Lundin Gold which operates the Fruta del Norte gold mine in Ecuador

 

Deal Capabilities:

M&A Advisory – our team of results-driven lawyers have market-leading experience in complex multi-jurisdictional public and private M&A, including divestitures, restructurings, spin offs, dual-track processes, mergers of equals and going private transactions

Metal Streaming – we are the most experienced metal streaming specialists globally covering both the buy and sell side and the full spectrum of commodities. Our clients include leading metal streaming companies and prominent stream issuers

Strategic Investments and Joint Ventures – we regularly act on strategic investments for issuers and strategic investors alike and are known for our deep joint venture expertise around the globe and across the full spectrum of market participants including majors, juniors, private equity, traders and SOEs

Going Public & Capital Markets – we assist mineral exploration and mining companies around the world in getting listed on the Toronto Stock Exchange, the TSX Venture Exchange, the London Stock Exchange and AIM and have a highly-ranked equity and debt capital markets practice

Restructurings – our team is experienced in complex insolvency matters and sensitive restructurings. We have a deep understand the bankruptcy environment on both sides of the Canada-US border and regularly act on major international restructurings

Development Capabilities:

Project Development – we help our clients bring mining projects to commercial production by advising on the development, permitting and construction of mines, smelters and other mining infrastructure, including mine development and stability agreements

Project Finance – we offer seasoned, practical know-how to assist borrowers and lenders in deploying project finance, secured finance and alternative financing structures to fund mining projects, including related off-take, marketing and derivative transactions

Environmental and Indigenous – we have one of the leading integrated regulatory, environmental, health and safety and indigenous practices in Canada, advising our mining clients on the most sensitive matters and social issues

Dispute Capabilities:

Litigation – we are the leading firm in Canada with an integrated mining-focused litigation practice and extensive experience advising on high stakes litigation.  Our team has acted on – and won – many of Canada’s most significant, precedent-setting mining litigation cases

International Arbitration – with arbitrators based in Canada and London, our team is well positioned to help our clients successfully navigate the complexities of commercial, bilateral investment treaty and other arbitrations around the globe

Shareholder Activism – our integrated team of litigators and commercial lawyers have direct insight and experience to assist issuers and boards on shareholder engagement and proxy defence matters

Investigations and Compliance – with a wealth of experience and expertise, we are available 24/7 to provide discrete advice and intervention on anti-corruption, trade sanction and other regulatory investigations and compliance matters from both a Canadian and international legal perspective