Four law firms are handling the sale of two stakes in the Blackwater coal mine in Central Queensland by Australian producer Whitehaven Coal. The total value of the transaction is USD1.08 billion.
Nishimura & Asahi, Clayton Utz, and Allens are providing legal advice on Whitehaven Coal’s USD720 million sale of a 20% stake. Concurrently, Jones Day and Allens are guiding the USD360 million sale of a 10% stake.
Both deals include a long-term agreement for Whitehaven Coal to supply coal from the Blackwater mine to Nippon Steel and JFE Steel. Nippon Steel and JFE Steel, long-time buyers of the mine’s metallurgical coal, will jointly own the mine with Whitehaven Coal through an unincorporated joint venture. This venture will be managed by Whitehaven Coal, according to a press release on August 22 from the Australian Securities Exchange.
Nishimura & Asahi and Clayton Utz are representing Nippon Steel in its purchase of the 20% stake, while Allens is advising Whitehaven Coal on this sale. For this transaction, Nishimura & Asahi’s team includes partners Madoka Shimada and Adrian Joyce, and counsel Misato Fukushima. Clayton Utz’s team comprises partners Samy Mansour, Joel von Thien, and Stuart MacGregor. Allens’ partner Richard Malcolmson is leading the firm’s efforts on this deal.
Malcolmson is also leading Allens’ work on the sale of the 10% stake to JFE Steel. Jones Day is advising JFE Steel on this transaction.
Both sales are expected to be finalized in the first quarter of next year.