Pinsent Masons advises on China SFECO Group acquisition of Chalice Gold stake in Zara Mining
International law firm Pinsent Masons advised China SFECO Group (a unit of Shanghai Construction Group) on the US$80million acquisition of a 60% stake in Zara Mining Share Company, an African joint venture company of listed Australian gold explorer, Chalice Gold Mines Ltd.
Eritrea-based Chalice Gold is an East African-focused company which has been developing high grade Koka Gold Deposit as part of the Zara Project. China SFECO Group specializes in industrial engineering and has been listed in the World Top 225 contractors by ENR (Engineering News Record) for the past 15 years.
The Pinsent Masons team was led by head of corporate in the Pinsent Masons’ Shanghai office Jonathan Reardon and construction partner Helen Chang, assisted by corporate senior associate Stephen Ye. Chalice Gold was advised by Middletons.
Head of corporate in China, Jonathan Reardon commented: "It was exciting to advise China SFECO Group on its first strategic investment in the African gold mining sector. With their project expertise and professional approach, we are sure this will be a very successful project for China SFECO Group."
Gene Zheng , Vice President, of China SFECO Group said:"We received invaluable advice from the Pinsent Masons team and our other advisers in relation to the Zara acquisition."