Field Fisher Waterhouse advises Avocet Mining on sale of Tajikistan operation
12 July 2007
Field Fisher Waterhouse LLP has advised AIM listed gold
production and exploration company, Avocet Mining PLC on the
disposal of its interest in ZGC, its operation in Tajikistan, for
up to US$55.1 million.
The firm advised on the sale of Avocet’s wholly owned
subsidiary, Commonwealth & British Minerals (UK) Limited
(CBML), which owns a 75% shareholding in ZGC. The shares were sold
to Zijin Mining, a Hong Kong listed company and one of the largest
gold producers in China. The other shareholder in ZGC is the
Government of the Republic of Tajikistan.
The transaction involved negotiations in Xiamen, China and
required input from local counsel in Tajikistan.
Avocet retains assets focused in South-East Asia, and is listed
on the AIM market of the London Stock Exchange. It has been a
client of the firm since its listing on the Official List in
1996.
Field Fisher Waterhouse’s head of Corporate, Andrew Blankfield led
the team, which also included corporate lawyers Tom Martin and
Nodir Sidikov.
Andrew
Blankfield said: “We were pleased to have been instructed by
our long-standing client Avocet Mining PLC on this important
strategic divestment.”
Zijin Mining were advised by Julia Charlton of Charltons in Hong
Kong.
For further press information please contact:
Louise Eckersley, PR Executive, on +44 (0)20 7861 4120
Scarlett Yianni, PR Assistant, on +44 (0)20 7861 4795