Multiple firms on jv between First Quantum Minerals and Rio Tinto for La Granja project
Rodrigo Elias & Medrano Abogados has advised First Quantum Minerals, and CMS Grau and Hernández & Cía. advised Rio Tinto, on an agreement between the two companies to form a joint venture to develop the “La Granja” copper project in Peru.
Closing of the transaction is subject to certain conditions, including regulatory approvals by the Peruvian government, and is expected to be completed before the third quarter of 2023.
Upon completion of the transaction, First Quantum will acquire a 55% interest in La Granja for a consideration of $105 million and will become the operator of the Project. Following the acquisition, the company will be responsible for $546 million of financing. Rio Tinto will retain the remaining 45% interest.
The project is located in the district of Querocoto, in the northern region of Cajamarca, Peru, approximately 90 kilometres northeast of Chiclayo, capital of the Lambayeque region, at an altitude of between 2,000 and 2,800 metres. Rio Tinto has operated the project since 2006.
Hernández & Cía. team was composed of partner Miyanou Dufour (pictured right) and senior associate Paola Ramos.
CMS Grau’s team was represented by partner Raúl Ferreyra (pictured centre).
Rodrigo Elias & Medrano’s team included partner Oscar Benavides (pictured left) and associate Tomás Denegri Vargas.
