Lawyers from Carey Olsen in Guernsey have been advising a client on a major mining deal described as a “transformational transaction”.
The team from the firm’s corporate practice worked with longstanding client Bushveld Minerals Limited, an AIM-listed mineral project developer, on two transactions which are highly significant for the development of the Bushveld business, including the launch of a new listed company, AfriTin Mining Limited.
Most recently, Carey Olsen has advised Bushveld on its $12.3million acquisition of 55% of Bushveld Vametco Limited from Yellow Dragon Holdings Limited which gives Bushveld ownership of 100% of the issued share capital of Vametco – a significant player in the global vanadium market.
A Carey Olsen team led by partner Tony Lane with assistance from associate Holly Cova advised Bushveld on both transactions, working alongside Gowling WLG as UK counsel.
Carey Olsen’s involvement in the acquisition follows the firm’s advice in relation to the recent demerger of Bushveld’s tin mining assets from the Bushveld group. That demerger involved Bushveld transferring its tin mining assets to AfriTin, a newly formed Guernsey-registered company, the admission of AfriTin to AIM and a £4.5million equity raising by AfriTin. The demerger allows Bushveld to concentrate on the development of its vanadium and coal assets in Southern Africa and Madagascar.
Advocate Lane said: “Having advised Bushveld for a number of years, we are delighted to have been able to help guide the company to the successful conclusion of these transformational transactions, and to help establish the tin business as a separately listed entity. With AfriTin now able to focus entirely on becoming a primary tin producer, and with Bushveld able to refocus on its vanadium and coal platforms, we look forward to continuing to assist both companies in their further development.”
“Guernsey continues to hold a strong position as a domicile of incorporation for companies listed on AIM, and Carey Olsen has been the leading offshore legal adviser to entities listed on the market for many years. In particular, we have been extremely active in the resources sector during 2017 and this expertise proved invaluable when advising Bushveld and AfriTin.”
