Tuesday, August 16, 2011
Mourant Ozannes has acted as sole Jersey legal adviser to KazakhGold Group Limited and OJSC Polyus Gold, the largest gold producer in Russia, in the combination of the two companies.
The combination consisted of a reverse takeover of Polyus Gold by KazakhGold, with KazakhGold subsequently being renamed Polyus Gold International Limited.
As a result of the merger, Polyus has become the largest pure gold mining company listed on the London Stock Exchange in terms of gold production and mineral resources, with a market value of approximately USD13bn.
Partner James Hill, who led the Mourant Ozannes team, assisted by senior associate Jon Woolrich, commented:
"We are delighted to have advised KazakhGold and Polyus Gold on this deal. We advised Polyus Gold on its acquisition of a majority stake in KazakhGold in 2009, and started work on the reverse takeover in 2010. It's great to see this deal over the line. 2011 has seen a significant amount of activity in the commodities sector and Jersey has played a central role in some of the year's largest and most high profile transactions."
Woolrich added: "This is yet another significant transaction on which our Jersey team has advised in recent months, following closely on the back of the initial public offerings by Glencore and Vallares. According to the latest Hemscott quarterly rankings, we advise over twice as many FTSE100 and 250 companies as any other offshore law firm, and we expect this market leading position to have increased even further once the next set of Hemscott figures are released."