Marval counsels Posco on Argentina lithium asset acquisition
Marval, O’Farrell & Mairal advised South Korean steelmaker Posco Corporation on the acquisition of mining rights in Argentina from Australian lithium mining companies Galaxy Resources Limited and Galaxy Lithium for $280 million.
The deal represents the first step in Posco’s plans to develop Sal de Vida (pictured), a large-scale as yet undeveloped lithium borates project in Argentina’s northwest.
Sal de Vida is located at the confluence of Argentina, Bolivia and Chile in an area known as the lithium triangle. The area currently accounts for around 60 per cent of global lithium production.
Galaxy Resources had announced in May its intention to sell lithium assets in Argentina to Posco.
“The proceeds from the transaction with Posco will be available to progress the development of Sal de Vida in the Catamarca Province, and places Galaxy in a strong financial position to continue the planned development of the project,” the Australian company said in a press release.
Marval, O’Farrell & Mairal acted as legal counsel to Posco with partners Luis E. Lucero and Walter Keiniger, and associates Andrés Villareal and Enrique Alejandro Hidalgo Velasco.
Norton Rose Fullbright also advised Posco Corporation in the transaction.
Galaxy Resources Limited and Galaxy Lithium (Sal de Vida) were advised by in-house counsel John Sanders and Diego Mendilaharzu. In addition, Allende & Brea acted as legal counsel with partner Florencia Heredia.
Barrier Solution sale
Marval, O’Farrell & Mairal also acted as legal adviser to the shareholders of Argentinian pharmaceutical packaging company Barrier Solution in the sale of the company to US-based private equity firm Clara Capital, which is expanding its pharmaceuticals portfolio.
Barrier Solution’s clients include Bayer and GSK.
Marval, O’Farrell & Mairal acted as legal adviser to the shareholders of Barrier Solution, with partner Guillermo Burman, and associates Macarena Díaz and Verónica Ascarrunz Prinzo.
The Estudio Jurídico Garrido acted as legal advisor to Clara Capital, with partner Lucas Granillo Ocampo and associate Lucía Emilia Ozán.
