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19 May 20212 minute read

DLA Piper advises POSCO on USD240 million acquisition

Global law firm DLA Piper has advised POSCO on its USD240 million acquisition of a 30% equity interest in the Ravensthorpe Nickel Operation in Western Australia.

POSCO is one of most competitive steel makers in the world. Headquartered in South Korea, POSCO was the first integrated steel mill in Korea. Ravensthorpe Nickel Operation is a West Australian nickel mine and hydrometallurgical processing plant located southeast of Perth.

The transaction also involves POSCO being provided with a long-term offtake agreement for 7,500 tonnes of nickel in mixed nickel-cobalt hydroxide precipitate ("MHP") per year produced at Ravensthorpe. 

A multi-disciplinary, cross border team was led by partners Andrew Fisken, Alex Jones, Rhys Davies, and Daniel Lee, and was supported by partner Alex Regan, special counsel Joanne Steer, senior associate Matthew Roberts, senior foreign legal associates Bradley Heath and Katalin Legradi, and associates Tara Alexander, Kimberley Chee, DK Donghyun Kim, and Jenita Iyalu. The team also had support from legal project manager Charlotte Elliott.

Andrew Fisken commented "We are delighted to have worked with POSCO to help it secure a strategic stake in this world class nickel operation, helping to establish a stable supply of this product for POSCO for years to come."