Ashurst has advised Newcrest Mining Limited (Newcrest) on the sale of its 89.89% interest in the Bonikro gold mine in Cote d'Ivoire to a consortium consisting of subsidiaries of Forbes and Manhattan and Africa Finance Corporation in a deal worth US$81 million.

The consideration for the transaction comprises a total of US$72 million in cash consideration, and a net smelter royalty on the first 560,000 ounces of gold production from the next pushback of the Bonikro pit with an estimated value of US$9 million.

Co-lead partner Shane Kyriakou commented: "We are delighted to have assisted Newcrest with this strategic divestment.  With a seller in Australia, buyers in Canada and Nigeria and assets in Cote d'Ivoire this deal presented some jurisdictional challenges for all involved.  The transaction was finalised in London prior to Christmas, and subsequently all teams worked hard to satisfy their own conditions and the Cote d'Ivoire regulatory requirements to bring it to completion. Ashurst's global mining capability together with the close support of our superb Africa specialist teams in London and Paris meant that we could manage this transaction seamlessly and efficiently for Newcrest." 

The transaction was led by partners Shane Kyriakou and Yann Alix, who were assisted by a global team including partner Angus Ross, senior associates Matt Hartsuyker and James Clarke, associates Alexander Kedzior, Claudia Cicone and Melanie Wong, and trainees Lizzie Bird, Harry McConnell, Eva Zimmermann and Camilla Booth-Clibborn.