Ashurst has advised Mitsubishi Corporation on its pre-emptive rights during the $1.04 billion sale of the Clermont Coal Joint Venture by Rio Tinto to GS Coal Pty Ltd.

Rio Tinto's wholly-owned subsidiary, Queensland Coal Pty Ltd (QCPL), sold its 50.1% interest in the joint venture to GS Coal, a special purpose vehicle ultimately owned 50:50 by Glencore International AG and Sumitomo Corporation.

Ashurst assisted Mitsubishi (which holds a 31.4% interest in the joint venture) with the pre-emptive rights process and negotiations with Rio Tinto (as outgoing joint venturer and manager), GS Coal (as incoming joint venturer) and Glencore (as the incoming manager).

Lead partner in the matter Ian Williams said: "Ashurst is pleased to have advised Mitsubishi on its third major Australia coal transaction in the last 18 months."

The Corporate team was comprised of senior associates Richard Brockett and Geread Dooley, and lawyers Michael Orban and Rebecca Ogg. Ian was also assisted by partner Liza Carver and senior associate Alyssa Phillips (Competition); partner Mark Elvy (Litigation); special counsel Trent Sebbens (Employment); partner Jock O'Shea and senior associate Keith Loke (Banking); with partner Barbara Phair and senior associate Elke Scevak (Tax).