Clifford Chance advises ARF on US$60 million joint investment with CEF in mining company Petropavlovsk

Hong Kong: June 22 2010 – Leading international law firm Clifford Chance has advised Asia Resources Fund (ARF) on a US$60 million joint investment with CEF Holdings Limited (CEF) into mining and exploration company Petropavlovsk.

The equity investment is in a new holding company for Petropavlovsk’s non-precious metals division, which is heavily involved in iron ore mining and production in the Russian far east, close to the Chinese border. Petropavlovsk recently submitted a listing application for the division to the Stock Exchange of Hong Kong.

Asia Resources Fund is managed by General Enterprise Management Services (International) Limited, a private equity fund management group founded in 1998 by Simon Murray that currently manages funds worth over US$600 million.

“This transaction features a number of investment themes currently active in the Asian markets,” said partner Simon Cooke, who led the Clifford Chance team on the transaction. “Private equity investments have rebounded strongly in the past six months; in addition, we have seen continued interest in both the natural resources sector, and from Russian companies active in the China markets.”

Simon was assisted on the transaction by senior associate Christina Hui. Both are based in Hong Kong.

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