Herbert Smith Freehills (HSF) and Fieldfisher have assisted on Hainan Mining’s acquisition of the mining and exploration rights of the Bougouni lithium project in Mali, West Africa.
Hainan Mining, a subsidiary of Fosun International, made the acquisition via a USD117.75 million investment in Kodal Minerals (KOD) and its subsidiary Kodal Mining UK (KMUK).
Bougouni is a core project of the UK-listed KOD, a company that focuses on lithium mine exploration and development in West Africa.
HSF acted as Hainan Mining’s counsel, led by Paris office partner Rebecca Major, London office partners Robert Moore and Greg Mulley, and partner Gavin Guo from its China joint operation law firm Kewei.
Fieldfisher’s corporate partner and head of equity capital markets, Brad Isaac, advised KOD.
Hainan Mining completed the acquisition through its subsidiary Xinmao Investment. Xinmao subscribed to 14.81% of additional shares issued by KOD with USD17.75 million in cash and purchased KMUK’s 51% stake for USD94.34 million in cash. The transaction also includes the provision of a USD5.66 million shareholder loan by Xinmao to KMUK.
