Baker McKenzie recently advised CITIC Metal on its acquisition of a 19.5% stake in Canadian mining company, Ivanhoe Mines, for CAD723 million (approximately USD556 million). The transaction will see CITIC Metal become the largest single shareholder in Ivanhoe Mines. Proceeds from this deal will be used for the repayment of an interim loan of USD100 million that CITIC Metal provided to Ivanhoe Mines on 9 August, as well as advancement of Ivanhoe Mines' mine development projects in Southern Africa - Kamoa-Kakula, Platreef and Kipushi - and also for working capital and general corporate purposes.

The Baker McKenzie multi-disciplinary team advising CITIC Metal was led by M&A Partners Bee Chun Boo (Beijing) and Kevin Rooney (Toronto) and comprised lawyers in Beijing, Hong Kong, Toronto, Johannesburg, Singapore and Kuala Lumpur. The team acted as lead counsel on the transaction with primary responsibility for preparing and negotiating the transaction agreements, advising on legal and regulatory issues and general transaction management.

Commenting on the deal, Bee Chun said, "We are pleased to bring this strategic transaction to fruition for our client. This is the third successful major mining transaction on which we acted for CITIC, following the acquisition of a 15% stake in Companhia Brasileira de Metalurgia e Mineração (CBMM) in 2011 and the acquisition of the Las Bambas copper project in Peru in 2014. We could not be more honored than to have been able to partner with our client all these years and assist them to navigate the complex legal and business issues that arise in cross-border investments. We look forward to continue supporting our client as they continue to grow their international presence.”

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