Herbert Smith Freehills has advised MMG Ltd., an Australian subsidiary of China Minmetals Corp., on a project finance deal worth up to $1 billion.
MMG is taking out a 13-year debt facility to fund its Dugald River mining project in Queensland. China Development Bank Corp. is providing the facility
Herbert Smith Freehills Melbourne partner Daniel Brealey led the team advising MMG.
Clifford Chance Beijing partner Maggie Lo and Singapore partner Ting Ting Tan acted for China Development Bank on English, Hong Kong, and Singapore law. King & Wood Mallesons Sydney partner Martin James and Perth partner Nicholas Creed acted as Australian counsel to the bank, with Walkers Hong Kong partner Ashley Davies advising on Cayman Islands and British Virgin Islands law.
Operations at the Dugald River project are expected to start in 2015. Total costs for launching the mine are projected to reach $1.4 billion.