PPU counsels Sumitomo in sale of stake in Sierra Gorda for $1.55bn
PPU Chile has advised Sumitomo on the sale of its 45% stake in Sierra Gorda for $1.550 dollars
Philippi, Prietocarrizosa, Ferrero DU & Uría Chile has counselled Sumitomo Metal Mining and Sumitomo Corporation in the sale of their 45% stake in Sierra Gorda for $1. 55 billion US dollars.
The transaction, which closed on 14 October, represents one of the largest M&A deals in the mining sector in recent years.
Both PPU and Sullivan & Cromwell acted as advisors to Sumitomo Metal Mining Co. and Sumitomo Corporation. Cariola Díez Pérez-Cotapos and Herbert Smith Freehills acted as Chilean counsel to South 32.
Sumitomo Metal Mining Co. Ltd. is a Japanese company engaged in the metals business, with three main segments: mineral resources; smelting and refining; and materials. Sumitomo Metal Mining has copper and gold operations in several countries. In Chile, the company owns stakes in the Candelaria copper mine in the Atacama Region (III) and the Sierra Gorda copper mine in the Antofagasta Region (II). In Peru, it has stakes in the Cerro Verde copper mine.
PPU’s team consisted of partners Juan Paulo Bambach (pictured top left) and Guillermo Infante (pictured top right), together with senior associate Felipe Ossa (pictured bottom right) and senior associate Cristina Olavarría (pictured bottom left).
