Herbert Smith Freehills Kramer has advised Sumitomo Corporation on the sale of its entire 54.17% interest in the Ambatovy mining project to Ambatovy Mineral Resources Investment Holding Company (AMRI), a UK company directed by Essenwood Partners Limited in partnership with Zungu Investments.
This transaction marks the withdrawal of the Japanese group shareholding in the Ambatovy project, one of the leading integrated nickel and cobalt mining projects in the world. Following this transaction, Ambatovy’s capital is now held by AMRI (54.17%) and Korea Mine Rehabilitation and Mineral Resources Corporation (KOMIR) (45.83%).
Starting in 2005, Sumitomo Corporation’s involvement in the Ambatovy project was part of its development strategy in strategic metals. However, the project has faced several operational and market challenges in recent years, leading the group to review its strategy and initiate its complete exit from the asset.
Herbert Smith Freehills Kramer acted as legal advisor to Sumitomo Corporation on all aspects of the transaction.
The cross-practice, cross-border Herbert Smith Freehills Kramer team was led in Paris by Rebecca Major, Partner, supported by Associate Marcus Köttering, and Senior Consultant Andrew Robinson. Merger control aspects were led by Partners Kyriakos Fountoukakos in Brussels and Sergio Sorinas in Paris, supported by Senior Associates Carmen Appenzeller in Tokyo and Khushbu Kumar in Paris and Associate Kian O’Connell in Brussels. Finance and restructuring aspects were led by Partners John Chetwood in London and Régis Oréal in Paris, supported by Of Counsel Debbie Standring in Dubai and Associates David Maréchal in Paris and Shareka Logendran in London. Tax aspects were led by Partners Aurell Taussig in London and Bruno Knadjian in Paris, supported by Of Counsel Romain Martinez in Paris and Senior Associate Perminder Gainda in London. South African Corporate aspects were led by Partner Ziyanda Ntshona. Due diligence support was provided by Of Counsel Annabelle Woerth.
