Davis Polk advised Eramet SA, the majority shareholder of Strand Minerals, in connection with the sale by Mitsubishi Corporation to Pacific Metals Co. Ltd. (Pamco) of a 3.4% interest in Strand Minerals, as announced on December 15, 2011.

Strand Minerals owns 90% of the project and exploration company for the Weda Bay nickel mining project, located on the island of Halmahera in Indonesia. This transaction gives the Weda Bay project an indicative value of approximately $1.3 billion. The share capital of Strand is now held by Eramet (66.6%), Mitsubishi (30%) and Pamco (3.4%).

Eramet is a leading global producer of alloying metals, particularly manganese and nickel, used to improve the properties of steel and high-performance special steels and alloys used in industries such as aerospace, power generation and tooling.

The Davis Polk team included partner Arnaud Pérès and associates Tyler B. Carson and Emilie Huard. Members of the Davis Polk team are based in the Paris and New York offices.

Mitsubishi was advised by Jones Day.