ClarkeKann has advised Taurus Funds Management (“Taurus“), a US based resources fund, on its acquisition of Anglo American’s interest in the Foxleigh mining joint venture. The transaction is valued at approximately $150 million.
Foxleigh is an open cut mining operation located near the town of Middlemount in Central Queensland’s Bowen Basin. The mine produces high quality low volatile pulverised coal injection coal. It is owned and operated as a joint venture with POSCO Australia Pty Ltd and Nippon Steel & Sumitomo Metal Pty Ltd. Taurus has acquired a 70% interest in the mining joint venture.
ClarkeKann’s team for this complex transaction was led by Managing Partner, John Toigo. John heads the firm’s Corporate Transactions & Compliance, Foreign Investment and Mining & Resources practice groups.
Taurus said that the acquisition was “the first step in a program of investment in the resources sector in Queensland and Australia”.