Davis Polk is advising Quincunx (BVI) Ltd., an affiliate of Kerry Mining, as seller in connection with its auction of QGX Coal Ltd., which holds mining rights to the Baruun Naran Coal Mine in Mongolia, and the eventual sale of QGX Coal Ltd. to Mongolian Coal Corporation, a subsidiary of Hong Kong-listed Mongolian Mining Corporation. The consideration for the transaction is US$464.5 million, consisting of payments in cash and the issuance of a promissory note and a convertible note by Mongolian Mining Corporation. The total consideration may be adjusted to US$950 million, depending on the total proved and probable reserves and production of the Baruun Naran Coal Mine.
Kerry Mining is a member of the Kerry Group, a conglomerate of businesses in Hong Kong and China, spanning many different industries. Mongolian Mining Corporation is a Hong Kong-listed company and is a high-quality coking coal producer and exporter in Mongolia.
The Davis Polk corporate team includes partner Mark J. Lehmkuhler, associates Miranda So and Bradley Mitchell (not yet admitted in Hong Kong) and registered foreign lawyer Steve Sha. Partner Kathleen L. Ferrell and associate Adam B. Perry are providing tax advice. Members of the Davis Polk team are based in the New York and Hong Kong offices.
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