Baker & McKenzie Advises ITOCHU Corporation on a Maules Creek Mining Project Investment in Australia
31 January 2011
Tokyo, Japan, January 31, 2011 – Baker & McKenzie GJBJ Tokyo Aoyama Aoki Koma Law Office (Gaikokuho Joint Enterprise) advised ITOCHU Corporation ("ITOCHU") on its investment in the Maules Creek Coal Project from Aston Resources ("Aston").
The Maules Creek Coal Project is located in Gunnedah, New South Wales, Australia. It is expected that coal production for coke making and high-quality fuel coal will commence in 2012.
ITOCHU entered into an asset purchase agreement to acquire a 15% interest take in the Maules Creek Project for AUD345 million (JPY28 billion).
Baker & McKenzie's team was led by Anne Hung at the Tokyo office with the strong support of members from the Sydney office.
Commenting on the deal, Ms. Hung, who actively advises Japanese clients in Tokyo on outbound M&A investments, said, "ITOCHU has been a long-standing client of the firm and we are privileged to act for this leading global company on a lucrative transaction that will strengthen and further their business development. Our strong network of offices in the Asia Pacific region enabled us to provide seamless legal advice to ITOCHU and meet the demands of this complex cross-border transaction."