Media Release: Clayton Utz advises Anglo Pacific Group plc on US$185m acquisition of base metals royalties from South32

21 Jul 2022
Time to read: 1 minute

A Clayton Utz team has advised LSE and TSX listed Anglo Pacific Group plc (Anglo Pacific) on its acquisition from South32 Royalty Investments Pty Ltd (South32) of a high-quality portfolio of royalties over advanced development base metals projects. The transaction completed on 19 July 2022.

Corporate partners Brett Cohen (Perth) and Stuart MacGregor (Brisbane, Energy and Resources) led our team, which included key transaction lead senior associate Georgia Denny and lawyer Luke Crofts.

Congratulating Anglo Pacific, Brett and Stuart said:

It has been a privilege to work with our long-standing client Anglo Pacific Group on this significant acquisition of a high-quality portfolio of royalty interests over advanced development projects in multiple jurisdictions around the world.

The US$185 million (A$270 million) consideration comprises a US$47 million cash payment, six quarterly cash payments totalling UA$55 million (to be paid over the next 18 months), and a US$82.4 million share issuance to South32, which will become a 16.9 per cent shareholder in the enlarged business.

In a statement, Anglo Pacific said the transaction "further reinforces [our] position as the leading royalty and streaming company focused on future-facing commodities that are critical to achieving the energy transition required to support a more sustainable world".

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