Allens had advised Australia’s Whitehaven Coal on separate deals with Japan's Nippon Steel JFE Steel to sell stakes of 20 percent and 10 percent, respectively, in its Blackwater coking coal mine for a total of $1.08 billion.
Another Australian law firm, Clayton Utz, and Japan’s Nishimura & Asahi acted for Nippon Steel, with Jones Day representing JFE Steel.
According to Reuters, Australia is the top source of the key steel-making ingredient for Japanese steelmakers who have been concerned by a wave of consolidation, as competition grows from India and Indonesia for the higher-grade fuel.
It added that for Japanese steelmakers, the latest deal will secure high-quality, long-term supplies as coal miners struggle to develop or expand mines due to anti-coal trend aimed at combating climate change.
The Clayton Utz team was led by partners Samy Mansour, Joel von Thien and Stuart MacGregor, with support from energy partners Ben Cansdale and Susan Taylor, projects partner David Lester, environment partner Karen Trainor, real estate partner Michael Richardson, competition partner Mihkel Wilding, employment partner Hilary Searing, IP & technology partners Timothy Webb and Cameron Gascoyne, and commercial litigation partner Chris Erfurt.
