$175m raising succeeds with Ashurst’s aid

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Ashurst has helped an Australian gold producer in its acquisition of a major US gold mine by advising on an institutional placement.

The global firm advised ASX-listed Northern Star Resources, which recently raised $175m from institutional investors to partly fund its acquisition of the Pogo Gold Mine in Alaska.

The Pogo mine, which it is buying from Sumitomo Metal Mining and Sumitomo Corp for US$260m, is the eighth-largest gold mine in the US. It is also the Australian company’s first acquisition overseas. The acquisition is expected to close next month.

Ashurst’s team was led by corporate partner Roger Davies. From the firm’s corporate practice, partner Antonella Pacitti, senior associate Themo Georgiou, and lawyer Toby Newnes also advised on the deal. Lawyer Michelle Gaynor and graduate Meng-Yeow Lim from the project finance group were also part of the firm’s team.