Red 5 and Silver Lake Resources to Merge in A$2.2-Billion Transaction
Feb. 06, 2024 – Davies is acting as Canadian counsel to Red 5 Limited, an Australia-based gold miner, in a merger of equals with Silver Lake Resources, creating a leading mid-tier gold company with a combined value of approximately A$2.2 billion. The transaction is expected to close in June 2024. The Davies team...
Lexpert Names 16 Davies Partners Mining Leaders
Oct. 26, 2023 – The 2023 Lexpert Special Edition: Mining ranks 16 Davies partners among Canada’s top practitioners. This special edition recognizes distinguished lawyers in the global mining sector who offer expertise across a range of practice areas. This year, the following partners are recognized for...
Barrick Agreed in Principle to Restart Reko Diq Project in Pakistan
Dec. 15, 2022 – Davies acted for Barrick Gold Corporation in its agreement in principle with the governments of Pakistan and Balochistan to reconstitute the Reko Diq Project in the country’s Balochistan province. The reconstitution resulted in the resolution of the damages previously awarded by the International...
Canada Clamps Down on Foreign SOE Investments in Critical Minerals
Nov. 15, 2022 – The Canadian government announced a new policy on October 28, 2022 (the Policy) under the Investment Canada Act (ICA) governing investments by state-owned enterprises (SOEs) in Canada’s critical minerals sector. The government followed the issuance of the Policy with an announcement on...
Sixteen Davies Partners Recognized as Mining Leaders
Oct. 05, 2022 – The 2022 Lexpert Special Edition: Mining has named 16 Davies partners among Canada’s top practitioners. Highlights of our notable work from the past year include advising Agnico Eagle Mines Limited in its merger of equals with Kirkland Lake Gold Ltd. to create a US$30-billion combined company...
No Need to Disclose “Unsolicited, Inexpert, Premature and Unreliable” Opinions
Aug. 16, 2022 – Overview The Court of Appeal for Ontario has confirmed that a public company acted properly and lawfully when it decided not to disclose to the investing public an opinion received from an external consultant that questioned the economic viability of the company’s main asset, in circumstances...
Sprott Streaming and Royalty Fund Completes Final Closing
Feb. 03, 2022 – Davies acted for Sprott Inc. in the formation of the Sprott Private Resource Streaming and Royalty Fund, which completed its final closing after raising US$701 million, including syndication capital raised from a large institutional asset manager. The fund focuses on investments in commodity...
Triple Flag Goes Public in Canada’s Largest Mining-Related IPO in Nine Years
May 26, 2021 – Triple Flag Precious Metals Corp. has raised more than US$250 million in its initial public offering (IPO) in Canada. Davies acted for the syndicate of underwriters led by BofA Securities, Credit Suisse Group and Scotiabank in the offering – the largest mining debut since 2012 and the...
Roxgold and Fortuna Combining to Create Premier Gold and Silver Producer
Apr. 27, 2021 – Davies is acting for TSX-listed mining company Roxgold Inc. in its definitive agreement with Fortuna Silver Mines Inc. whereby Fortuna will acquire all the issued and outstanding securities of Roxgold for approximately C$1.1 billion, via plan of arrangement. The business combination brings...
Agnico Eagle Acquires TMAC Resources After Shandong Gold Deal Denied
Feb. 12, 2021 – Toronto-based Agnico Eagle Mines Limited completed its acquisition last week of TMAC Resources Inc., just weeks after the federal government denied China’s Shandong Gold Mining Co. Ltd.’s deal on national security grounds. Davies acted for Agnico Eagle in the all-cash acquisition, which was...
Canadian Government Blocks Foreign Acquisition of Canadian Gold Miner on National Security Grounds
Jan. 08, 2021 – The Canadian government has exercised its authority under the national security provisions of the Investment Canada Act (ICA) to prohibit Shandong Gold Mining Co., Ltd. (Shandong), a Chinese state-owned enterprise (SOE), from acquiring Canadian gold producer TMAC Resources Inc. (TMAC). This...
The Pallinghurst Group Completes Joint Acquisition of Nemaska Lithium with Investissement Québec
Dec. 03, 2020 – Davies acted for The Pallinghurst Group, a private investor in the global natural resources sector, in its joint acquisition of Québec-based Nemaska Lithium Inc. with Investissement Québec (IQ) pursuant to a sales process under the Companies’ Creditors Arrangement Act . The acquisition was...
SEMAFO Combines with Endeavour
July 02, 2020 – Davies acted as counsel to SEMAFO Inc. in its US$2.1-billion business combination with Endeavour Mining Corporation by way of plan of arrangement under the Business Corporations Act (Québec). The combination creates a top 15 global gold producer and the largest in West Africa. Benoit...
Patricia Olasker Speaks to M&A by Reorg on Possible Activist Push for More Mining M&A
June 22, 2020 – With deal-making in the global mining sector continuing amid COVID-19, M&A by Reorg (available to subscribers) featured Patricia Olasker for her insights on a possible push for more consolidation by activist investors once the pandemic subsides – and the challenges the current climate may...
May 27, 2020 – Preventing corruption is a day-to-day challenge that requires society as a whole to become aware of the necessity to foster a real cultural shift. Although legislation and internal policies remain essential, they are not sufficient to prevent corruption. They must be supplemented by a genuine...
Fruta del Norte Wins Project Finance Deal of the Year at IFLR Americas Awards
May 22, 2020 – We are proud to have been among the firms honoured with “Project Finance Deal of the Year” at the IFLR Americas Awards 2020 for our work on Lundin Gold's Fruta del Norte project in Ecuador. Davies advised Blackstone Tactical Opportunities in the US$450-million project financing package, which...
Mar. 12, 2020 – Following the Supreme Court of Canada’s ruling in Nevsun Resources Ltd. v Araya , Davies partner Luis Sarabia , who represented the Mining Association of Canada as an intervener in the case, spoke to The Washington Post to share his insights on the appeal. At issue was whether the three...
Lexpert Special Edition: Mining Recognizes Seventeen Davies Partners
Mar. 11, 2020 – Seventeen Davies partners have been named among Canada’s top practitioners in the 2020 edition of Lexpert Special Edition: Mining . This recognition reflects our reputation as a distinguished player in the global mining sector, offering expertise across a range practice areas for our clients. ...
Supreme Court of Canada Rules in Nevsun Resources Ltd. v Araya
Feb. 28, 2020 – The Supreme Court of Canada has rendered its decision in Nevsun Resources Ltd. v Araya , stating that customary international law (CIL) norms are directly incorporated into Canadian law and that claims such as the ones advanced in this case may be considered by Canadian courts. The case involves...
Barrick to Sell Interest in Australian Super Pit for $750 Million
Nov. 19, 2019 – Davies acted for Barrick Gold Corporation (Barrick) in the sale of its 50% interest in Kalgoorlie Consolidated Gold Mines (KCGM) in Western Australia to Saracen Mineral Holdings Limited (Saracen) for total consideration of US$750 million in cash. KCGM, a 50-50 joint venture with Newmont Goldcorp...
Barrick Gold Acquires Acacia Mining
Sept. 19, 2019 – Davies acted as Canadian counsel in the acquisition by Barrick Gold Corporation (Barrick) of all of the outstanding shares of Acacia Mining plc (Acacia) not already owned by Barrick. The acquisition was completed by way of a court-sanctioned scheme of arrangement under Part 26 of the Companies...
Melanie Shishler Featured in Lexpert’s Special Feature on the Art of the Deal
Aug. 06, 2019 – In Lexpert ’s annual Art of the Deal feature, Davies partner Melanie Shishler is profiled for her role as lead counsel to Barrick Gold Corp. in the wave of consolidation that has transformed the gold sector over the past year. Melanie, who appears on the cover of the issue, takes readers...
The Pallinghurst Group Backs Nemaska Lithium’s Mine in Québec
July 24, 2019 – Davies is acting for The Pallinghurst Group, a global metals and mining industry investor, in its proposed equity investment of up to $600 million in Nemaska Lithium Inc. to help fund Nemaska’s Whabouchi project in Québec. The project, which comprises the Whabouchi lithium mine and the...
Barrick and Newmont Launch Nevada Gold Mines
July 03, 2019 – Davies acted for Barrick Gold Corporation in connection with its historic joint venture with Newmont Goldcorp Corporation, which combined their respective mining properties in Nevada to create the world’s largest gold complex. The new joint venture, which will operate as Nevada Gold Mines,...
Patricia Olasker Speaks About Shareholder Activism in Canada on The Activist Insight Podcast
June 27, 2019 – In an interview with The Activist Insight Podcast , Patricia Olasker speaks about the current climate of shareholder activism in Canada – most notably in the cannabis and mining sectors – and how companies can defend themselves against short-selling attacks. While the nascent cannabis industry...
June 10, 2019 – The Ontario Securities Commission (OSC) recently announced the adoption of a pre-filing review regime for mining issuers (see Staff Notice 43-706 – Pre-filing Review of Mining Technical Disclosure ). The regime is available to mining issuers that plan to launch a public offering under a short...
Superior Court Refuses to Cancel Order Allowing Expansion of Canadian Malartic Mine
May 23, 2019 – In Dave Lemire v Canadian Malartic Mine GP and La Procureure générale du Québec , 2017 QCCS 1438, the Québec Superior Court (Court) dismissed an application for judicial review brought by Dave Lemire, a resident of the city of Malartic. Mr. Lemire asked for the cancellation of a government order...
The SEC Modernizes Mining Disclosure
May 21, 2019 – The following article was originally published in our 2019 Canadian Capital Markets Report . Read the complete report . In October 2018, the U.S. Securities and Exchange Commission (SEC) approved final rules (the new rules) to modernize the SEC’s mining property disclosure requirements. The...
2019 Canadian Capital Markets Report
May 21, 2019 – The year 2018 witnessed ongoing volatility in global markets, fuelled by geopolitical uncertainty, rising trade tensions and slowing world economies. In Canada, emerging market sectors continued to gain steam, most notably the cannabis industry, which experienced a dramatic uptick in investment...
Davies Lawyers Unrivalled in Chambers Global 2019
Feb. 19, 2019 – Chambers and Partners has once again recognized Davies as a top Canadian law firm in the 2019 edition of Chambers Global: The World’s Leading Lawyers for Business . This year’s guide recognizes 39 Davies lawyers with 45 rankings, including 16 lawyers ranked Band 1 – more than any other law firm...
Richard Fridman Discusses Outlook for Mining Sector in 2019
Feb. 05, 2019 – Davies partner Richard Fridman recently spoke with Mergermarket to share his insights into M&A and IPO activity in the mining industry and what we can expect to see in 2019. Noting that these are “tumultuous times” for the mining sector, Richard reflects on how the current environment will...
Supreme Court to Rule on Novel Claims Against Canadian Multinationals Operating Abroad
Jan. 22, 2019 – The Supreme Court of Canada will hear an appeal in Araya v Nevsun Resources Ltd on January 23, 2019. The case involves a mine in Eritrea that is majority-owned and operated by a subsidiary of a Canadian company. At issue in the appeal is whether Eritrean nationals who allege that they were...
Davies Welcomes New Partner Aaron Atkinson
Dec. 03, 2018 – Davies is pleased to announce that Aaron Atkinson has joined Davies as a partner in our Toronto office. Aaron brings nearly 20 years of experience advising clients across industry sectors in domestic and cross-border M&A transactions, corporate finance, capital markets and securities, and...
Seventeen Davies Partners Recognized in Lexpert’s Leading Canadian Lawyers in Global Mining
Oct. 02, 2018 – Davies’ status as a leader in the mining sector has been reaffirmed in Lexpert’s Leading Canadian Lawyers in Global Mining 2018/2019, with 17 partners included in this year’s listing. Davies’ mining practice comprises a cross-disciplinary group of lawyers with expertise in M&A, securities, tax,...
Québec Issues Compensation Regime for Adverse Effects on Wetlands and Bodies of Water
Sept. 26, 2018 – The Regulation respecting compensation for adverse effects on wetlands and bodies of water (Regulation), enacted on August 17, 2018, was published in the Gazette officielle du Québec on September 5, 2018. It came into force on September 20, 2018, except for certain rules respecting work on...
Barrick Buys Randgold to Create World’s Largest Gold Miner
Sept. 25, 2018 – Davies acted for Barrick Gold Corporation in its US$18.3-billion share-for-share merger with Randgold Resources Limited. This multijurisdictional transaction created an industry-leading gold company with the greatest concentration of tier one gold assets in the industry and a diversified asset...
Warning to Public Companies: Just Because You’re Right Doesn’t Mean It’s Not a Misrepresentation
May 31, 2018 – In a decision that will surprise public company executives and advisers, an Ontario court held that a public company that declined to disclose a consultant’s opinion because it honestly believed the consultant was wrong – and the company later turned out to be correct – might nonetheless be liable...
Mar. 07, 2018 – In an article about the Canadian mining industry published in the 2017/2018 Lexpert Special Edition on Global Mining (included in the March 3 edition of The Globe and Mail ), Davies partner Melanie Shishler spoke about the challenges faced by mining companies in financing projects in Ontario. ...
The Québec Environment Quality Act: major changes coming in 2018
Feb. 20, 2018 – An Act to amend the Environment Quality Act to modernize the environmental authorization scheme and to amend other legislative provisions, in particular to reform the governance of the Green Fund (Bill 102) was passed on March 23, 2017. Although some portions of Bill 102 came into force on that...
Davies Lawyers Peerless in Chambers Global 2018
Feb. 16, 2018 – Davies’ status as a leading Canadian law firm has once again been confirmed by Chambers and Partners in its annual publication Chambers Global: The World’s Leading Lawyers for Business . The 2018 edition of the guide recognizes 40 Davies lawyers with 46 rankings, including 15 lawyers ranked Band...
Canada Resets Federal Environmental Assessment for Major Project Reviews
Feb. 09, 2018 – In 2016, the Canadian government launched a formal review of key federal environmental assessment and regulatory processes. Expert panels were established and parliamentary committees engaged to conduct consultations and provide recommendations with respect to the Canadian Environmental...
Feb. 02, 2018 – As noted in our bulletin TSX Amends Disclosure Requirements , effective April 1, 2018, TSX-listed issuers other than Eligible Interlisted Issuers, Eligible International Interlisted Issuers and Non-Corporate Issuers will be required to have posted to their publicly accessible website current...
Dec. 27, 2017 – Davies partner Patricia Olasker has been recognized among the world’s leading mining lawyers in the 2018 edition of Who’s Who Legal: Mining . Who’s Who Legal: Mining is an annual report featuring top mining lawyers from across the globe. The 2018 edition profiles 434 mining practitioners...
Forty-nine Davies Lawyers Recognized in Who’s Who Legal: Canada
Oct. 24, 2017 – Law Business Research’s Who’s Who Legal: Canada 2017 names 49 Davies partners as leading lawyers, including eight Most Highly Regarded practitioners, across 18 different practice areas. Who’s Who Legal nominees are selected on the basis of comprehensive, independent surveys conducted among...
TSX Amends Disclosure Requirements
Oct. 23, 2017 – The Toronto Stock Exchange (TSX) has adopted amendments to the TSX Company Manual that require listed issuers to post certain corporate governance documents on their websites and alter, in certain respects, the disclosure relating to security based compensation arrangements required to be...
Davies Governance Insights 2017
Oct. 02, 2017 – Davies Governance Insights 201 7 provides analysis of the top governance trends and issues important to Canadian boards, senior management and governance observers. The 2017 edition provides readers with Davies’ take on important topics ranging from shareholder engagement and activism to...
Sept. 22, 2017 – Lexpert recognizes fifteen Davies partners in Leading Canadian Lawyers in Global Mining . Distributed at key mining industry events held around the world, the special edition publication profiles Lexpert-ranked lawyers who provide services to the mining sector.
Barrick Gold Completes Strategic Divestiture and Partnership with Shandong Gold
June 30, 2017 – Davies acted for Barrick Gold Corporation in its transaction with Shandong Gold that included the following: sale of a 50% interest in the Veladero gold mine for US$960 million; the negotiation of a 50/50 joint venture arrangement in respect of the Veladero gold mine; the...
Davies Earns Top Marks in The Canadian Legal Lexpert Directory 2017
May 05, 2017 – The Canadian Legal Lexpert Directory 2017 has recognized 91 Davies lawyers as leading practitioners, with 33 achieving the highest ranking of Most Frequently Recommended in at least one area of specialization. Our firm is also recognized as Most Frequently Recommended in 16 practice areas. ...
Panel Seeks Sweeping Changes to Canadian Environmental Assessment Regime
Apr. 07, 2017 – The Expert Panel for the Review of Environmental Assessment Processes (Panel) released its recommendations regarding the federal Canadian Environmental Assessment Act, 2012 (CEAA 2012) on April 5, 2017. Mandated to restore public trust in Canada’s environmental assessment (EA) process and to...
Barrick Gold Announces Three-Way Transaction with Goldcorp and Kinross
Apr. 07, 2017 – Davies acted for Barrick Gold in its announced, highly complex three-way transaction with Goldcorp and Kinross Gold. This transaction involved Barrick’s sale of its 25% stake in the Cerro Casale Project to Goldcorp and Goldcorp’s acquisition of Kinross’s entire 25% interest in the Cerro Casale...
Davies Lawyers Unmatched in Chambers Global 2017
Mar. 27, 2017 – Davies’ status as a leading Canadian law firm has once again been confirmed by Chambers and Partners in its annual publication Chambers Global: The World’s Leading Lawyers for Business . Davies has the highest percentage of Band 1 lawyer rankings as well as the highest percentage of overall...
Upcoming Changes to Ontario Land Transfer Tax Rates
Nov. 25, 2016 – The province of Ontario is proposing to increase land transfer tax rates with effect from January 1, 2017. The Building Ontario Up for Everyone Act (Budget Measures) , 2016 received first reading on November 16, 2016 and is expected to come into force before the end of the year. For acquisitions...
Davies Governance Insights 2016
Nov. 14, 2016 – Davies Governance Insights 2016 provides analysis of the top governance trends and issues important to Canadian boards, senior management and governance observers. The 2016 edition provides readers with our take on important topics ranging from shareholder engagement and activism to leadership...
United States Joins Canada and European Union in Adopting Transparency Rules
June 29, 2016 – In line with a global trend for greater transparency of payments made by companies in extractive industries to governments of resource-rich countries, the United States has joined Canada and the European Union in adopting “publish what you pay” rules for such companies. These rules are aimed...
Bill 102: Modernization of the Environmental Authorization Scheme
June 13, 2016 – The Minister of Sustainable Development, the Environment and the Fight Against Climate Change (the MSDEFCC ) introduced An Act to amend the Environment Quality Act to modernize the environmental authorization scheme and to amend other legislative provisions, in particular to reform the...
Davies Lawyers Continue to Lead in Chambers Global 2016
Mar. 23, 2016 – Davies’ status as a leading Canadian law firm has once again been confirmed by Chambers and Partners in its annual publication, Chambers Global: The World ’ s Leading Lawyers for Business . Davies has the highest percentage of Band 1 lawyer rankings of any Canadian law firm. The 2016 edition...
“Publish What You Pay” Guidance Finalized
Mar. 21, 2016 – Natural Resources Canada has finalized its implementation tools for the Extractive Sector Transparency Measures Act (ESTMA), which was proclaimed into force in June 2015. Commonly known as the “ publish what you pay ” standards, ESTMA establishes mandatory reporting standards for payments made...
SEC Rulemaking Developments in 2015
Feb. 22, 2016 – The U.S. Securities and Exchange Commission (SEC) had a busy rulemaking year in 2015. Consistent with the reforms that began in 2012 with the Jumpstart Our Business Startups Act , Congress and the SEC continued their push to improve access to capital across the spectrum of issuers – from small...
Davies Governance Insights 2015
Dec. 29, 2015 – This fifth annual edition of Davies Governance Insights presents our analysis of the important trends and developments in corporate governance for Canadian public companies during 2015. Our report provides guidance for boards and senior management of public companies and their investors on...
Barrick Enters into a Gold and Silver Streaming Agreement with Royal Gold
Aug. 06, 2015 – Davies acted for Barrick Gold Corporation in connection with its gold and silver streaming agreement with RGLD Gold AG, a wholly owned subsidiary of Royal Gold, Inc., for production linked to Barrick’s 60% interest in the Pueblo Viejo mine. In return, Royal Gold agreed to make an upfront cash...
Barrick Enters into an Agreement to Sell 50% of Zaldívar Mine to Antofagasta Plc
July 31, 2015 – Davies acted for Barrick Gold Corporation in connection with its $1. 005-billion sale of a 50% interest in the Zaldívar copper mine in Chile to Chile-based Antofagasta Plc. With this agreement, Barrick formed a new joint venture partnership with Antofagasta, one of the world’s leading copper...
Leading-Edge Practices in Subsidiary Governance
June 17, 2015 – At a recent presentation at the Davies Academy for Continuing Professional Development, Davies partner Luis Sarabia and Davies affiliated scholar Poonam Puri discussed recent legal proceedings in which courts have been asked to hold parent companies directly liable in negligence for the actions of...
“Publish What You Pay” Standards Now in Force for Canada’s Extractive Industries
June 02, 2015 – On June 1, 2015, the federal government declared into force the Extractive Sector Transparency Measures Act . This Act is the long-promised legislation to establish mandatory reporting standards for payments that Canadian extractive companies make to governments worldwide (commonly known as ...
Barrick Divests Cowal Mine and Partners with China’s Zijin Mining Group
May 26, 2015 – Davies acted for Barrick Gold Corporation in connection with a strategic divestiture and a landmark strategic partnership: US$550-million sale of Barrick’s 100% interest in the Cowal gold mine in New South Wales, Australia, to Evolution Mining Limited; and US$298-million sale to China’s...
Apr. 29, 2015 – On April 8, 2015, the Québec government released its Plan Nord toward 2035, 2015-2020 Action Plan (Plan Nord), a 20-year plan designed to provide main policy directions and priorities for the development of northern Québec. Plan Nord revamps the previous plan announced in 2011 by then-premier...
CSA Provides Guidance to Mining Issuers on Investor Presentations Posted to Websites
Apr. 17, 2015 – On April 9, 2015, the Canadian Securities Administrators released Staff Notice 43-309 (the Notice), setting out Staff’s views regarding investor presentations posted to the websites of mining issuers. The Notice provides practical information to assist mining issuers (mostly at the pre-production...
Davies Continues as a Leader in Chambers Global 2015
Mar. 18, 2015 – Davies Ward Phillips & Vineberg LLP has again been recognized as one of Canada’s leading law firms by Chambers and Partners in its 2015 annual publication, Chambers Global: The World’s Leading Lawyers for Business . Davies has the highest percentage of lawyer rankings as well as the highest...
Favourable Tax Measures Announced for Mining Investors
Mar. 04, 2015 – On March 1, 2015, the federal government announced two new tax measures favourable to investors in junior mining exploration companies in Canada in an effort to stabilize and strengthen the Canadian mining industry. First, the government has extended the 15% Mineral...
Davies Named in Two Deals in the 2014 IFLR Deal Yearbook 100
Jan. 15, 2015 – Davies is featured in the inaugural edition of the International Financial Law Review’s Deal Yearbook 100 , which describes two deals involving Davies. In the Hudbay Minerals’ C$55-million unsolicited takeover of Augusta Resource Corporation, Davies represented Augusta Resource, in a deal that...
Davies Governance Insights 2014
Oct. 28, 2014 – We are pleased to share with you Davies Governance Insights 2014 , the fourth edition of our annual analysis of important trends and developments in corporate governance for Canadian public companies during 2014. In Directors and Boards , we note that the gender profile of boards reveals a...
