BMA and Mello Torres act in BHP’s mining deal with CoreX
BMA advised BHP Group Operations Pty through its wholly-owned subsidiary Avanco Resources Pty on the sale to a wholly-owned subsidiary of CoreX Holding of 100% of the quotas in AVB Mineração, Avanco Resources Mineração, SLM Santa Lúcia Mineração and Mineração Águas Boas, currently held by Avanco.
The targets hold tenements in the Carajás region, State of Para. The consideration due under the Transaction is US$ 465 m, which is structured as US$240 m received on completion and up to US$225 m as contingent payments based on a range of production and project related Targets, with the potential for the contingent payments to begin as early as 2027. Subject to the satisfaction of customary closing conditions (including regulatory approvals), the Transaction is expected to complete in early CY26. This transaction follows a strategic review in 2024, which concluded that the Carajás assets would benefit from owners prioritising the operations and developing the assets to their full growth potential.
BMA Advogados advised BHP and relied on partners Camila Goldberg (pictured left), Hélio Alvarez Sales da Cunha, Márcio Pereira, Marcos Exposto, Adriana Dib Fuzinato and Hermano A. C. Notaroberto Barbosa, associates João Raso, Marlus Oliveira, Maria Donati, Julia Krein, Thaís Xavier, Pedro Mares-Guia, and Raquel Maluf.
Slaughter and May and Stikeman Elliott also advised BHP.
Mello Torres advised CoreX and relied on partners Clovis Torres (pictured right), Vinicius Gonçalves Villa Alvarez, associates Tomás Bussamara Amadeo, Vitória Fernandes Guedes Silveira, Gabriella El Khouri Teixeira Loureiro.
