Baker & McKenzie Closes Major Transaction for Sierra Gorda Mining Project
Deal Announcement
1 December 2011
Santiago, Chile, December 1, 2011 - Baker & McKenzie partner Antonio Ortúzar led a significant transaction resulting in a purchase agreement between Sociedad Química y Minera de Chile S.A. (SQM) and Sierra Gorda SCM for mining concessions. The agreement involved the purchase of certain mining properties located in the second region for the Sierra Gorda copper, molybdenum and gold mining project.
The transaction included payment of USD37 million with a minimum annual royalty of USD2 million that Sierra Gorda will pay to SQM staring in 2022.
The transaction will generate a net effect of approximately USD30 million in SQM’s results for the fourth quarter of 2011.