Becker Glynn Represents Cementos Pacasmayo in Phosphate Joint Venture With Mitsubishi and Zuari Industries Limited

The firm represented Peruvian cement manufacturer Cementos Pacasmayo S.A.A. in the sale of a minority interest in Fosfatos del Pacifico S.A., a Peruvian listed company which holds a world class phosphate rock concession in the Bayovar region of Peru. MCA Phosphates Pte Ltd., a Singapore company 70% owned by Mitsubishi Corporation and 30% by Zuari Industries Ltd, acquired a 30% interest in Fosfatos from Pacasmayo for US$46.12 million. Zuari Industries Ltd is a major fertilizer producer in India and publicly listed on the Bombay Stock Exchange. Cementos Pacasmayo will retain management control of Fosfatos. In connection with the transaction, Mitsubishi entered into a long-term supply agreement to purchase all of Fosfatos’ production of phosphorus ore after satisfying local market demand. Approximately half of such production will be resold by Mitsubishi to Zuari. The transaction closed on December 29, 2011.