Australia – BHP Billiton’s Wheelarra Joint Venture
This project involves eight major agreements to formalise the detailed joint venture and financing structure as well as export contracts of around AUD11.6 billion.
The negotiations for the project were split into three phases. The first is the due diligence phase which was conducted out of a data room in Perth. The second phase involved lengthy and demanding negotiations in Shanghai and Perth over a six month period closing on Christmas Eve 2003 in Shanghai. The third phase involves the approval processes and the implementation of the joint venture.
Our clients comprise four of China’s leading steel producers, Wuhan Iron & Steel (Group) Corporation, Tangshan Iron & Steel (Group) Co Ltd, Maanshan Iron & Steel Co Ltd and Jiangsu Shagang Group Co Ltd. This was a landmark project as it was the first time that leading Chinese steel mills have combined to work together on a major overseas project.
For more information see under China Practice – Iron Ore Projects.
