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Lessons from an Historic Mining IPO

Posted in Mining

The recently completed initial public offering by Nexa Resources S.A. (formerly, Votorantim Metais) on the Toronto Stock Exchange (the TSX) and the New York Stock Exchange has received considerable attention from capital markets participants and the financial press for its size (US$570 million, including the exercise of the over-allotment option) and for the large and impressive underwriting syndicate. Nexa’s IPO was the largest mining IPO on the TSX of a Latin American company, it was Canada’s 3rd largest mining IPO ever and the largest mining IPO in Canada over the last decade!  The IPO is also noteworthy for … Continue Reading

Ontario Court of Appeal Overturns Security for Costs Order in Yaiguaje v. Chevron Corporation

Posted in Awards and Recognitions, Litigation, Mining

Yaiguaje v. Chevron Corporation, 2017 ONCA 827

Overview

The Ontario Court of Appeal has overturned the decision of the motion judge who ordered that the foreign-resident plaintiffs post approximately $1M in security for costs in order to continue their proceeding and appeal against Chevron Corporation (“Chevron”) and Chevron Canada.

This is a significant reversal, as the motion’s judge decision (analyzed here) called into question whether the plaintiffs would be in a position to proceed with their appeal of Justice Hainey’s decision dismissing the proceeding against Chevron Canada on the basis that its assets are not available to satisfy … Continue Reading

Yaiguaje v. Chevron Corporation – The Latest Development in the Enforcement Proceedings

Posted in Awards and Recognitions, Litigation, Mining

Yaiguaje v. Chevron Corporation, 2017 ONCA 741

Overview

Resource extraction industries have been following the Yaiguaje v. Chevron proceedings closely.  The decisions that flow from this action have far-reaching implications surrounding the enforcement of international judgments and the application of those judgments against related domestic parties’ assets.

The proceedings took an interesting turn when the Ontario Court of Appeal recently assessed the merits of the appeal in a security for costs motion.… Continue Reading

Chile Getting Ready to Supply Minerals for the Upcoming Electric Car Industry: What’s Next for Cobalt

Posted in Mining

In an interview on 27 August, 2017, the Executive Vice-President of Chile’s Corporation for the Promotion of Production (“CORFO”), Eduardo Bitran, announced that CORFO and the National Service of Geology and Mining (“Sernageomin”) are conducting surveys in the La Cobaltera area in Chile’s Atacama region in search for cobalt deposits. Cobalt deposits are also known to exist in the Coquimbo region.[1]

Bitran cited CORFO’s expectations that cobalt demand should considerably increase in upcoming years, and noted Chile’s potential for developing this mineral: “If we were to produce 15,000 annual tons of cobalt by 2035, we … Continue Reading