Corporación Nacional del Cobre de Chile (Codelco), a Chilean state-owned copper mining company and the world’s largest copper producer, has agreed to sell a 49.99 percent interest in Salar de Maricunga SpA to a subsidiary of Rio Tinto plc and Rio Tinto Limited (Rio Tinto), the Anglo-Australian multinational metals and mining group that recently made large investments in the lithium sector.
Under the terms of the agreement, Rio Tinto’s total initial investment to be paid at closing (subject to customary closing adjustments) will equal $350 million, and Rio Tinto has agreed to contribute up to an additional $550 million in the coming years subject to certain milestones.
The S&C team advising Codelco included Sergio Galvis, Werner Ahlers, Estefanía Souza, Andrew Brod and Christian Hodges. Rachel Yu and Shray Gupta advised on matters related to intellectual property. Andrew Finn and Pedro José Izquierdo advised on matters related to arbitration and sovereign immunity. Adam Paris advised on matters related to antitrust and competition. Craig Jones and Erica Arcudi advised on matters related to English-law governed guarantees. Eric Kadel advised on matters relating to sanctions.