Clifford Chance

Clifford Chance advises on sale of the Isaac Plains Coal Project by Sumitomo Corporation and Vale

Leading international law firm Clifford Chance has advised Sumitomo Corporation on its sale with Vale of the Isaac Plains Coal Project in Queensland, Australia to Stanmore Coal.

Vale has held 50% of the project for some time, with Sumitomo Corporation buying the other 50% in 2012 for $430 million. Mining operations at the site of the project had recently ceased and the project is in care and maintenance.

Lead partner on the deal Mark Pistilli said, "We are especially delighted to work with Sumitomo Corporation on this sale, having worked on their major acquisitions and disposals in Australia over the past two decades, and to see our longstanding client Vale moving close to implementing its coal strategy in Australia. This deal represents yet another example of major miners 'trading up' assets."

The firm recently acted for Sumitomo Corporation and Glencore in their joint acquisition of a controlling interest in the Clermont Coal project for US$1 billion.

Mark was assisted by counsel Joni Henry, senior associate Deniz Tas and associates Angharad (Annie) Lewis, Alex Boxall and Gabriel Baker.