A cross-border team from Norton Rose Fulbright has advised Stonewall Resources Ltd (Stonewall) on the sale of its subsidiary Stonewall Mining (Proprietary) Limited (Stonewall Mining) to Chinese diversified industrial company Shandong Qixing Iron Tower Co., Ltd (Shandong Qixing).

Stonewall and the other shareholders in Stonewall Mining are to receive over US$141.5 million all cash consideration on successful completion, with Stonewall’s share being over US$124 million.

Stonewall Mining is the main subsidiary and major undertaking of Stonewall Resources. The major assets held by Stonewall Mining are gold mining projects in South Africa.

The transaction is subject to pre-conditions including receiving shareholder approval from Stonewall and Shandong Qixing, and obtaining South African and Chinese Regulatory approvals.