Norton Rose advises Oriel Resources on acquisition by Mechel

International legal practice Norton Rose LLP is advising Oriel Resources plc (Oriel) on the recommended cash offer made by Mechel OAO (Mechel), which was announced on 26 March 2008. The offer values Oriel at approximately £750 million.

Oriel is a London-based chrome and nickel mining and processing company which was admitted to trading on AIM in March 2004 and listed on the Toronto Stock Exchange in February 2005. Oriel's main countries of operation are Kazakhstan and Russia. Its current operations are the Voskhod chromite mine and the Shevchenko nickel project, both located in north western Kazakhstan, and the Tikhvin ferrochrome smelting plant, located in Russia.

Norton Rose have acted for Oriel since its AIM listing, and advised on the 2006 reverse takeover of IPH Polychrom Holdings B.V., a company whose principal asset was the Tikhvin ferrochrome plant, and the 2007 project financing for the Voskhod mine.

The Norton Rose LLP team is being led by London corporate finance partner Nick Adams and includes corporate associates Melanie Barnett, Megan O'Leary and Nicole Conway. Dominic Stuttaford (tax), Richard Latham (share options) and Rosemary Cleary and Kate Kortenbout (infrastructure finance).

A&O advised Mechel OAO.