Miranda & Amado on purchase of La Arena shares by Zijin and Pan American Silver
Miranda & Amado, together with Gowling WLG (Toronto), advised Zijin Mining Group (and its subsidiary Jinteg Mining, Singapore) on the due diligence and documentation of a share purchase agreement with Pan American Silver for the indirect acquisition of 100% of the shares of the Peruvian subsidiary owning the existing ‘La Arena’ gold mine and ‘La Arena II’ copper project.
The consideration consists of an upfront payment of USD 245 million, payable at closing, and a further payment of USD 50 million conditional on the commencement of commercial production at ‘La Arena II’.
In addition, the right granted by La Arena to a 1.5% NSR royalty on gold will accrue to Pan American Silver.
This transaction, signed on 30 April, was worth USD $295 million and involved the jurisdictions of Peru, Canada, Singapore and the PRC. Borden Ladner Gervais and Rodrigo Elias & Medrano acted as advisors to Pan American Silver.
Christopher Lemon, Antonio Arrascue and Valeria Ferrero acted as in-house counsels to Pan American Silver.
Miranda & Amado’s team was led by partners Alberto Delgado (pictured left), Fiorella Zumaeta (pictured centre) and Pablo Sotomayor (pictured right), with support from senior associate Cynthia Rebaza, counsel Luzmila Zegarra, and associates Camila Leon, Johana Quezada, Samuel Yabar, Nicolas Valverde, Carol Villalobos and Andree Castro.
Gowling WLG’s team was represented by partners France Tenaille, Brett Kagetsu and Ian MacDonald.
Borden Ladner Gervais’ team included partners Fred Pletcher, Julie Bogle and Randy Morphy.
Rodrigo Elías & Medrano’s team consisted of partners Oscar Benavides, Claudio Ferrero and Mariella De La Torre, and associates María Angélica Meneses, Andrés Hundskopf, Mariana Delgado, Tomás Denegri, Fiorella Monge and Sebastián Heudebert.
