Mishcon de Reya has today advised Midus Global Limited, a subsidiary of Interalloys Trading Limited, on exchange of contracts for the acquisition of the Mayoko-Moussondji Iron Project in the Republic of Congo for AUS$5 million.
The seller, a subsidiary of Equatorial Resources Limited, is an iron ore exploration and development company. The Mayoko-Moussondji Iron Project is an advanced iron ore development opportunity. The transaction with commodity trading company Interalloys positions Equatorial to participate in any upside through the retention of a 2% life-of-mine royalty.
Chairman of Interalloys, Mr Nick Clarke, commented: “Mishcon de Reya has been invaluable in helping us expand our existing iron ore business in Africa. As usual, I was able to rely on Mishcon's excellent service and I am delighted that they are our legal partner.”
Mishcon de Reya Partner and Head of the Corporate Department, Nick Davis, who led this transaction with Associate Shantanu Sinha, commented: "This is the latest in a series of African M&A deals, particularly in the mining sector, for our department and we are delighted to have worked again with Interalloys and Nick Clarke."