China’s 12th Five-Year Plan has opened the next chapter of the country’s unprecedented growth. This will have a significant impact on the global economy over the next decade and on the way we think about and do business. In particular, Chinese investment, whether in or through Australia, provides opportunities both in the Asia-Pacific region and beyond, including in Africa and South America.
Our China Business Group’s expertise is complemented by the recent appointment of Dr Geoff Raby, former Australian Ambassador to the People’s Republic of China. This unique combination enables us to better understand and serve the interests of our clients, whether they are based in China, Australia or elsewhere.
For many years, Corrs has been a trusted legal advisor to numerous Chinese clients who invest or operate in Australia. Our advice focuses on successfully navigating the Australian legal and regulatory regime and the Australian business environment.
Our clients include some of the largest Chinese State-owned and private corporations, including China Metallurgical Group Corporation, Baosteel, Minmetals, China Guangdong Nuclear, COFCO, Sichuan Hanlong, China Iron and Steel Association, China National Chemical Company, Jinchuan Group, Shenhua, Sinosteel, Sinopec, Yanzhou Coal and Chengdu Diao Mining.
We work with Chinese clients across the full spectrum of legal services with a particular emphasis on mergers and acquisitions, construction and major projects, energy and resources, project finance, banking, arbitration, third party access to infrastructure and Foreign Investment Review Board (FIRB) approvals. We also regularly work with Australian clients who do business with Chinese buyers, suppliers and investors.
Our approach means we are able to mobilise the right resources whenever and wherever they are required. Our senior lawyers travel throughout Australia and internationally with our clients including regular travel and work in China. Coupled with an established network of relationships with other world class law firms and professional advisors, this enables us to provide consistently high quality advice and responsiveness to clients wherever they operate.
Our team includes fluent Mandarin speaking lawyers, several of whom have extensive experience practising law in China.
Chinese President Hu Jintao with Corrs CEO John W.H. Denton
ASX listed Aquila Resources Limited was able to transform itself into a big player in the iron ore and coal industry following a strategic co-operation agreement with Baosteel Group Corporation, one of China's largest state owned enterprises and its largest steel producer. Corrs advised Baosteel, on its strategic investment in Aquila.
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Corrs advised COFCO Corporation and its wholly-owned subsidiary Tully Sugar Limited on its proposed acquisition of the Proserpine Co-operative Sugar Milling Association Limited for A$120 million.
Advising on all aspects from project feasibility study, approvals and native title, Corrs is the exclusive legal adviser to China Metallurgical Group Corporation (MCC) on its key investment in Western Australia.
MCC is one of China’s largest state-owned enterprises and was advised by Corrs on the $400 million acquisition of Cape Lambert Iron Ore Limited’s iron ore project in the Pilbara. Corrs is also advising MCC on the $3.7 billion development of that project and the US$6.1 billion Cape Preston project, reinforcing the firm’s position at the forefront of Australia’s iron ore sector development.
When China Metallurgical Group Corporation, a Chinese state owned corporation floated its subsidiary, Metallurgical Corporation of China on the Shanghai and Hong Kong stock exchanges, it was the second largest IPO in the world in 2009.
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Corrs Chambers Westgarth advised Yancoal Australia Ltd, a wholly owned subsidiary of Yanzhou Coal Mining Company in China, on its acquisition of Syntech Resources Pty Ltd.
Yancoal acquired a number of large thermal coal exploration and production assets located between Miles and Chinchilla in the Surat Basin, southern Queensland from GS Power Holdings LLP, including the Cameby Downs Mine. Syntech currently has JORC compliance coal resources of 723 million and reserves of 440 million tonnes.
Yanzhou Coal became the first Chinese state-owned enterprise to acquire 100% of an Australian listed company through the A$3.5 billion acquisition of Felix Resources. The deal featured an innovative undertaking whereby Yanzhou Coal would list Yancoal Australia on the Australian Securities Exchange by no later than the end of 2012, thereby guaranteeing public ownership.
Corrs recently assisted Yanzhou Coal on its USD$250 million acquisition of a 30% interest in the Ashton Coal Joint Venture (Ashton JV). The Ashton JV operates a major coal mine, the Ashton Coal Mine, which is an open cut and underground coal mining operation located near Singleton in New South Wales.
More
The Federal Government’s new legislation to strengthen the anti-dumping system, and Manufacturing Australia’s calls for reform, are misguided.
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At a time when Australia is considering its position in the Asian Century, the Foreign Investment Review Board (FIRB) has released its 2010/2011 Annual Report.
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The currency swap agreement between Australia and China is a positive step forward in our relationship with our largest trading partner. But it’s about more than that…
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Over 20 years, the Chinese population now living in cities has grown from 18-50%. This rapid urban migration has underpinned the biggest resources boom in world history and leaves many wondering how this impacts Australia's trade with China.
More
China's upcoming leadership change has many guessing how it will impact Australia's relationship with the region.
More
Business in China is a very different operating environment than Australia. So it’s very important to have good advice on the ground and to spend ample working out what it is you really seek to want to achieve.
More
How will China's ongoing management of its currency in the international market impact economic reform and new policies within its borders?
More
We live in a global economy and face increasing pressures on price in delivering projects. How can companies in Australia and globally meet the challenge of finding ways to procure the most efficient product?
MoreAustralia is an exceptional place in which to do business. Find out how we can help you develop your business in Australia.
DownloadAustralia is a country with vast mineral wealth; a stable political, legal and economic environment; a highly skilled and productive workforce; and a welcoming attitude to foreign investment - making it a favourite destination for foreign investors.
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Commencing 1 September 2011, China has a new ‘security review’ system for mergers and acquisitions of domestic enterprises by foreign investors.
More
ASX listed Aquila Resources Limited was able to transform itself into a big player in the iron ore and coal industry following a strategic co-operation agreement with Baosteel Group Corporation, one of China's largest state owned enterprises and its largest steel producer. Corrs advised Baosteel, on its strategic investment in Aquila.
The deal represented Baosteel's first significant global investment. The deal was pursuant to the Memorandum of Strategic Co-operation and subject to FIRB and Chinese Government approvals: Baosteel subscribed to 15% of Aquila's shares, valued at circa A$300 million.
Baosteel and Aquila established a strategic alliance covering six of Aquila's key development and production projects in Australia and South America. Under the alliance, the parties negotiated arrangements for Baosteel to support Aquila with the marketing and sales of products from those projects, and the raising of multi-billion dollars of Chinese finance to secure development of those projects.
Corrs advised COFCO Corporation and its wholly-owned subsidiary Tully Sugar Limited on its proposed acquisition of the Proserpine Co-operative Sugar Milling Association Limited for A$120 million.
Advising on all aspects from project feasibility study, approvals and native title, Corrs is the exclusive legal adviser to China Metallurgical Group Corporation (MCC) on its key investment in Western Australia.
MCC is one of China’s largest state-owned enterprises and was advised by Corrs on the $400 million acquisition of Cape Lambert Iron Ore Limited’s iron ore project in the Pilbara. Corrs is also advising MCC on the $3.7 billion development of that project and the US$6.1 billion Cape Preston project, reinforcing the firm’s position at the forefront of Australia’s iron ore sector development.
When China Metallurgical Group Corporation, a Chinese state owned corporation floated its subsidiary, Metallurgical Corporation of China on the Shanghai and Hong Kong stock exchanges, it was the second largest IPO in the world in 2009.
Corrs handled the Australian component of the US$5.1 billion IPO, comprising about 20% of the float. This included all the tax aspects such as a complex pre-IPO restructure, tax due diligence and the tax opinion for the investment bankers. Corrs Tax Team also acted on MCC’s acquisition of iron ore assets at Cape Lambert and Cape Preston in Western Australia.
Corrs Chambers Westgarth advised Yancoal Australia Ltd, a wholly owned subsidiary of Yanzhou Coal Mining Company in China, on its acquisition of Syntech Resources Pty Ltd.
Yancoal acquired a number of large thermal coal exploration and production assets located between Miles and Chinchilla in the Surat Basin, southern Queensland from GS Power Holdings LLP, including the Cameby Downs Mine. Syntech currently has JORC compliance coal resources of 723 million and reserves of 440 million tonnes.
The acquisition was made through the purchase of 100 per cent of the equity interests in Syntech Holdings Pty Ltd and Syntech Holdings II Pty Ltd by a Yancoal Australia.
The Corrs team was led by partners Andrew Lumsden and Bruce Adkins, and supported by senior associates David Sim and Franka Cheung and lawyers Maggie Wong and Jennifer Leung.
Yanzhou Coal became the first Chinese state-owned enterprise to acquire 100% of an Australian listed company through the A$3.5 billion acquisition of Felix Resources. The deal featured an innovative undertaking whereby Yanzhou Coal would list Yancoal Australia on the Australian Securities Exchange by no later than the end of 2012, thereby guaranteeing public ownership.
Corrs advised Yanzhou Coal on what was the biggest ever Chinese deal in the Australian coal sector at the time.
The implementation of the transaction involved managing disclosures on three key stock exchanges - ASX, Shanghai and Hong Kong. A tight timeframe of only four months was met, even though all documents had to be translated and there were significant language and cultural differences that the team had to overcome.
Corrs recently assisted Yanzhou Coal on its USD$250 million acquisition of a 30% interest in the Ashton Coal Joint Venture (Ashton JV). The Ashton JV operates a major coal mine, the Ashton Coal Mine, which is an open cut and underground coal mining operation located near Singleton in New South Wales.
The Ashton Coal Mine produces semi-soft coking coal which is primarily exported to Asian steelmakers.
Yanzhou Coal had originally acquired a 60% interest in the Ashton JV following its acquisition of Felix Resources Limited (Felix Resources) (also advised by Corrs) in 2009, and as a result of this acquisition has increased its ownership of the joint venture to a 90% interest.
Corrs also assisted Yanzhou Coal in late 2010 with the sale of its 51% interest in the Minerva Coal Joint Venture (Minerva JV) located near Queensland’s Bowen Basin for AUD$201 million. The Minerva JV had also been acquired as a part of Yanzhou Coal’s acquisition of Felix Resources in 2009.
Australia is a country with vast mineral wealth; a stable political, legal and economic environment; a highly skilled and productive workforce; and a welcoming attitude to foreign investment - making it a favourite destination for foreign investors.
Australia is an exceptional place in which to do business. Find out how we can help you develop your business in Australia.
Commencing 1 September 2011, China has a new ‘security review’ system for mergers and acquisitions of domestic enterprises by foreign investors.
We live in a global economy and face increasing pressures on price in delivering projects. How can companies in Australia and globally meet the challenge of finding ways to procure the most efficient product?
How will China's ongoing management of its currency in the international market impact economic reform and new policies within its borders?
Business in China is a very different operating environment than Australia. So it’s very important to have good advice on the ground and to spend ample working out what it is you really seek to want to achieve.
China's upcoming leadership change has many guessing how it will impact Australia's relationship with the region.
Over 20 years, the Chinese population now living in cities has grown from 18-50%. This rapid urban migration has underpinned the biggest resources boom in world history and leaves many wondering how this impacts Australia's trade with China.
The currency swap agreement between Australia and China is a positive step forward in our relationship with our largest trading partner. But it’s about more than that…
At a time when Australia is considering its position in the Asian Century, the Foreign Investment Review Board (FIRB) has released its 2010/2011 Annual Report.
The Federal Government’s new legislation to strengthen the anti-dumping system, and Manufacturing Australia’s calls for reform, are misguided.