Ichthys Gas Field Development Project

Corrs is advising the majority shareholder, INPEX Browse Ltd, on the $24 billion Ichthys Gas Field Development project, representing the largest ever initial investment in an Australian resources project. A final investment decision on the project is expected by the end of 2011.

Corrs has worked with Inpex on various aspects of the project including the Onshore Front-End Engineering Design (FEED) contract.  Throughout, Corrs’ role has involved clearly assessing potential legal, regulatory, construction and procurement issues and devising effective structures and contracts to mitigate potential risks.

MCC's Cape Lambert and Cape Preston iron ore projects

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.

Victorian Desalination PPP

The Victorian Desalination Project represents the largest public sector investment in water infrastructure in Australia’s history. The development of the seawater desalination plant at Wonthaggi in southern Victoria was announced as a Public Private Partnership (PPP) in July 2009 with a capital cost of approximately $3.5 billion.

Corrs acted for the State of Victoria and advised the Department of Sustainability and Environment (DSE) Capital Projects Division on the project. The project required Corrs to fully integrate its legal team with the technical, environmental, financial and insurance advisors to DSE Capital Projects Division.

Corrs had a lead advisory role in assisting the State to develop the funding solutions for the project, conducted in the most adverse financial markets since the Great Depression.

The solutions were developed in real-time as the Global Financial Crisis was unfolding, with information available to bidders, financiers and the State changing rapidly.

The project also achieved contract close earlier than the announced timetable.

Through the competitive bidding process, intensive interactive sessions were undertaken with both bidders in parallel, resulting in two fully documented proposals prior to selection of a preferred bidder and execution of documents immediately thereafter.

Corrs was also fully involved in the development of the commercial structure for the project, public hearings and applications for key approvals (including the Environment Effects Statement), assisting in briefing government decision makers, assisting in evaluating and advising on procurement and negotiating finalised project documentation.

Corrs received a Financial Excellence Award at Infrastructure Partnerships Australia’s 2010 National Infrastructure Awards for its work on the $3.5 billion Victorian Desalination Project. Projects were judged on financial engineering, structuring and innovation, as well as the scale, complexity, size and difficulty of the financial structure.

The project has received extensive industry recognition with 12 international and national awards including Global Deal of the Year 2009 and Global PPP Deal of the Year 2009 at the Infrastructure Journal Annual Awards, Asia-Pacific PPP Deal of the Year at the 2009 Project Finance International Awards and 2009 Deal of the Year by Asian-Counsel.