Posse, Herrera & Ruiz acted as legal advisor to Vale in the US$407 million sale, subject to regulatory approvals, of the mining concession “El Hatillo” and the coal deposit "Cerro Largo" in the Colombian state of Cesar, as well as Sociedad Portuaria Río Córdoba “SPRC” with port facilities in the Atlantic coast and participation in the Fenoco railroad to the port.
The buyer is CPC, a subsidiary of Colombian Natural Resources.
In 2009, Posse Herrera & Ruiz participated on the acquisition of these assets from Argos.
The Share Purchase Agreement was signed on May 25, 2012.
Counsel to Vale
In-house lawyer Roberta Oliveira.
Posse Herrera & Ruiz Lawyers: Partners Francisco Urrutia and Juan Guillermo Ruiz and associates Sebastián Lora, Felipe Aroca and Edgar Ruiz.
Cleary Gottlieb Abogados: Partners Juan Giráldez and associates John Delaney.
Counsel to CPC:
Prieto Carrizosa Lawyers: Partners Martín Acero and Hernando Padilla.
Boies, Schiller & Flexner Llp.