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Baker McKenzie recently advised CITIC Metal on its acquisition of an additional 10% stake in Canadian mining company, Ivanhoe Mines ("Ivanhoe"), for CAD 612 million (approximately USD 454 million). The transaction marks CITIC Metal’s second investment in Ivanhoe and will see its stake in Ivanhoe rise to 29%. The investment will enable Ivanhoe to move ahead with the construction of its USD 1.1 billion Kamoa-Kakula Project’s initial six million-tonne-per-annum (6 Mtpa), high-grade copper mine at the Kakula deposit in the Democratic Republic of Congo.

The Baker McKenzie multi-disciplinary team advising CITIC Metal was led by M&A Partners Bee Chun Boo (Beijing) and Greg McNab (Toronto) and was composed of lawyers from Beijing, Toronto, Johannesburg, Singapore and Kuala Lumpur. The team acted as lead counsel on the transaction, with primary responsibility of 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 fourth successful major mining transaction on which we acted for CITIC Metal, following the acquisition of a 15% stake in Companhia Brasileira de Metalurgia e Mineração, or CBMM, in 2011; the acquisition of the Las Bambas copper project in Peru in 2014; and the company's initial acquisition of a 19.5% stake in Ivanhoe in 2018.  We could not be more honored than to have been able to partner with our client all these years and assist them in navigating 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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