Grace Quigley
Snr Adviser External Comms •
Sydney
Media release: Clayton Utz advises VOC Group on US$3.2 billion sale of 25% interest in Rhodes Ridge Iron Ore Project to Mitsui
1 minute
Clayton Utz has advised VOC Group (VOCG) on an agreement to sell its entire 25% interest [1] in the Rhodes Ridge Iron Ore Project to Japanese trading and investing group, Mitsui & Co. Ltd.
Corporate / Energy & Resources partners Brett Cohen and Mark Paganin, supported by Special Counsel, Armin Fazely, led our multi-disciplinary team advising VOCG on the sale.
VOCG was established by the late Michael Wright (son of Peter Wright) to represent his family’s interests in respect to iron ore assets in the Pilbara region of Western Australia and is a 50% shareholder of Wright Prospecting Pty Ltd.
The Rhodes Ridge Iron Ore Project – located 40 kilometres north-west of Newman in Western Australia's Pilbara region - is one of the largest and highest quality undeveloped iron ore deposits in the world. The other owners of Rhodes Ridge comprise of Rio Tinto (50%) and AMB Holdings Pty Ltd (25%).
Commenting on Clayton Utz's role, Brett Cohen said:
"To have the opportunity to work with the VOCG team and its advisers, including Macquarie Capital, on a transaction concerning a project of this scale and importance, has been a privilege and a pleasure."
Mark Paganin added:
"We congratulate both VOCG and Mitsui on this landmark agreement that will facilitate the continued development of Rhodes Ridge."
[1] Wright Prospecting Pty Ltd’s former 50% interest in the RRJV has been restructured and separated into two newly formed entities separately controlled by its shareholders, VOCG and AMB Holdings Pty Ltd (AMBH). VOCG holds its 25% interest through an entity named Rhodes Ridge Mining (No 2) Pty Ltd and AMBH holds its 25% interest through Rhodes Ridge Mining (No 1) Pty Ltd. Back to article
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Clayton Utz communications are intended to provide commentary and general information. They should not be relied upon as legal advice. Formal legal advice should be sought in particular transactions or on matters of interest arising from this communication. Persons listed may not be admitted in all States and Territories.