Natural Resources


Executive Summary/Highlights Global M&A volume in 2023 declined relative to 2022 and 2021, when it set a record. M&A activity in the second half of 2023, however, exceeded that of the second half of 2022. Global M&A volume in 2023 was US$2.9 trillion, down from US$3.6 trillion in 2022 and below the annual average of … Continued

AUSTRALIAN UPDATE – Australian Regulatory Response to Chinese Investment Opportunities and Challenges

Highlights: Chinese state owned enterprise investment into Australia’s resources sector is helping create unprecedented high-levels of M&A activity. In recent years, Australia’s Foreign Investment Review Board has taken steps to balance the benefits and risks created by this influx by successive revisions or elaborations of the foreign investment policy, amendments to the regulatory framework and … Continued

Editors’ Note:  This paper was co-authored by Jeremy Low, Partner, and Andrew Wong, Senior Associate, at Allens Arthur Robinson.  Mr. Low specialises in mergers and acquisitions, corporate restructurings and corporate governance.  Mr. Low was based in the Allens Shanghai office from 2002 to 2006.  It was contributed by Ezekiel Solomon and Guy Alexander of Allens.  Mr. Solomon, who is a member of XBMA’s Legal Roundtable, has long-ranging global M&A experience and his expertise is in high demand from Australian, United States, Korean and Japanese corporations seeking his advice on the structuring, negotiation, financing and documenting of major energy and resource development projects, joint ventures and acquisitions, as well as negotiations with governments in Australia and Asia.  Mr. Alexander is the National Co-Head of Allens' M&A and Equity Capital Markets practice and has been a member of the Takeovers Panel (established under Australian corporations and securities law to consider disputes in relation to takeovers and other acquisitions of substantial interests in, Australian companies) since 2004.


MINING AND METALS UPDATE – Global M&A and Capital Raising Trends in the Mining and Metals Sectors

Highlights: Low gearing, strong earnings and good capital availability supported an ideal environment for mergers & acquisitions (M&A) in the first half of 2011. However, jittery markets and dropping confidence caused activity to slow in the third quarter. While deal values in the first nine months of 2011 are up 67% on the same period … Continued

Editors’ Note:  This paper was prepared by Ernst & Young’ Global Mining & Metals Center, a team with deep technical experience in providing assurance, tax, transactions and advisory services to the mining and metals sector.  Franny Yao (Yao Fang), who contributed this paper, is a Partner & Leader at Ernst & Young in Beijing, responsible for Key Accounts and Government Relations in China.  She is a founding director of XBMA and has broad expertise in cross-border M&A, representing major Chinese companies in their global expansion and other strategic drives.


SOUTH AFRICAN UPDATE – Investing in South Africa’s Mining Industry

Highlights: The calls by the Youth League of the African National Congress for the nationalisation of mines has been much talked about but on balance is very unlikely to occur. Most of the recovery and growth in global steel production is attributable to China’s phenomenal growth with non-Chinese production not yet recovering to pre-crisis levels. … Continued

Editors’ Note:  This paper was contributed by Michael Katz, chairman and senior partner of Edward Nathan Sonnenbergs and a member of XBMA’s Legal Roundtable.  It was authored by Otsile Matlou, head of Edward Nathan Sonnenbergs’ Mining and Resources Department and an expert in the field.


ARGENTINE UPDATE – Trends and Developments in Argentine M&A

KEY POINTS: Despite Argentina’s high inflation and a lack of certain structural reforms, there has been an increase in the M&A activity in the country during 2011. This increase has mainly been driven by strategic investors and to a lesser degree by venture capital and private equity funds attracted by Argentina’s GDP robust growth and … Continued

Editors’ Note:  Santiago Carregal is a partner at Marval, O' Farrell & Mairal and a member of XBMA’s Legal Roundtable.  In addition to handling many of the most significant cross-border M&A transactions in Argentina, he serves as a professor of post-graduate studies in banking and finance at Universidad de Buenos Aires, Universidad Austral and Universidad Católica Argentina.  He is widely recognized for his expertise in Argentine commercial, banking and capital markets transactions.


PERUVIAN UPDATE – New Rules for Investments in Natural Resources in Peru

Executive Summary/Highlights: New laws  provide indigenous people consultation right with respect to investment in Peruvian natural resources, but not the veto investors feared; however, they could delay projects while regulations are worked out, New mining “windfall profit tax” expected by the Peruvian Government to raise the total tax and mandatory profit sharing costs in the … Continued

Editors’ Note:  This paper was written by Jose Antonio Payet and Silvia Cachay, partners at Payet Rey Cauvi, one of Peru’s leading firms with significant experience in foreign investment in Peru.  Mr. Payet is a member of XBMA’s Legal Roundtable.


BRAZILIAN UPDATE – Recent Restrictions on Foreign Investment in Agribusiness in Brazil Could Have Broader Implications for Cross-Border Acquisitions of Brazilian Companies that own Land

Executive Summary/Highlights: An August 2010 legal opinion of the Federal Attorney-General of Brazil (Advocacia Geral da União) extended the Brazilian law that restricts the acquisition of rural land by foreigners to apply also to acquisitions of land by Brazilian companies controlled by foreigners. As a result, cross-border change of control transactions involving Brazilian companies that … Continued

Editors’ Note:  Antônio Corrêa Meyer is a founding partner of Machado Meyer and a member of XBMA’s Legal Roundtable.   Mr. Meyer is one of Brazil’s leading experts in the internationalization processes of Brazilian companies, mergers and acquisitions, and large infrastructure projects, all of which might be affected by the opinion discussed in this paper.


XBMA – Quarterly Review for Q1 2011

The attached slides summarize trends in cross-border M&A and strategic investment activity throughout the first quarter of 2011.   Highlights: Global M&A volume for Q1 2011 was US$671.8 billion, up 29.5% as compared to Q1 2010. Cross-border transactions have rebounded substantially from 2009: 38% of Q1 2011 global M&A was cross-border — up slightly from … Continued

Editor's Note: This is an example of the type of post and content the XBMA Forum seeks to showcase.


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