Norton Rose has advised its client Ashanti to dispose of a section of its holdings in the Teberebie goldmine in Ghana to a subsidiary of South African-based mining company Gold Fields.
Ashanti acquired the mine in June from Pioneer Group for just over £32m, but the company wanted to sell a proportion of the mine’s assets to recuperate some of its costs. The sale raised £5m.
Norton Rose corporate finance partner Raj Karia led the deal, assisted by Zack Wilson. London-based US law corporate partner Tom Vita also advised.
Karia said, although neither Ashanti nor Gold Fields was headquartered in the UK, the transaction was done under UK law because Ashanti wanted to use his firm as it was well known to the company.
Gold Fields turned to in-house lawyer Adele Cleaver for advice.
