Thomsons has acted for Australian copper miner Materra Metals Limited and its controlling shareholder, Dragon Field International Limited, on the sale of Materra to ASX-listed AIC Mines Limited for approximately A$120 million.
The cash and scrip transaction consisted of A$100 million in AIC shares and A$20 million in cash.
The deal is the latest in Australia's copper sector, where corporate and M&A activity has remained strong over the past 12 months, driven by consolidation among copper producers and developers as companies seek to secure high-quality critical minerals assets.
In addition, Thomsons has advised on a number of recent copper sector deals including:
- Advising Bumi Resources on its acquisition of gold and copper miner Loyal Metals for approximately A$79.1 million;
- Advising gold and copper miner Hammer Metals on its acquisition by Austral Resources for A$80.7 million;
- Advising gold and copper explorer Havilah Resources on the sale of 80 per cent of its Kalkaroo gold and copper project to Sandfire Resources for A$212.8 million in shares and cash; and
- Advising Cor Cordis in respect of the sale of Copper Resources Australia (in administration) to Austral Resources for A$48 million in cash and shares.
Copper remains one of the most important minerals in the global energy transition. It is essential to electricity networks, renewable generation, electric vehicles, battery systems and broader electrification, and has been widely identified by government and international institutions as a critical input for decarbonisation and modern infrastructure. Geoscience Australia's Australia's Identified Mineral Resources 2025 commodity summaries note copper's importance across electricity distribution, electronics, construction, industrial machinery, plumbing and renewable energy technologies. The World Bank has also identified copper as one of the minerals likely to see significantly increased demand as clean energy deployment accelerates.
In the Materra and Dragon Field International transaction, Thomsons advised on all aspects of the deal, including due diligence, regulatory (including FIRB), tax, employment, structuring, and energy and resources matters, while also leading the drafting of all transaction documentation. The transaction sees AIC acquire Materra's Mt Cuthbert, an advanced stage copper project in north-west Queensland.
The transaction tapped Thomsons' significant cross-border experience given most of Materra's shareholders were based in Asia, requiring coordinated advice on the Australian regulatory framework and close collaboration with domestic and overseas advisers.
Lead Partner David Church said the transaction reflected both the quality of Materra's assets and the increasing strategic importance of copper projects in Australia.
"This was a complex and fast-moving transaction that required precise and careful coordination across corporate, regulatory and cross-border issues, while keeping a diverse offshore shareholder base aligned through changing deal structures," he said.
"It also speaks to the strength of demand for quality copper assets. Copper is central to electrification, transmission infrastructure, renewable energy systems, battery storage and electric vehicles, and we are seeing strong strategic interest in projects that can support that long-term demand."
The deal sits within a broader trend of consolidation in Queensland's copper sector, as explorers, developers and producers seek to combine assets and infrastructure to unlock operational synergies and more efficient development pathways.
The Thomsons team was led by David Church and included Special Counsel Natasha Augustin and Lay Associate Zoe Webster (Corporate); Partner Sarah O'Brien-Smith, Lawyer Adam Zuks-Baker and Associate Ruth Kooy (Energy & Resources); Partner Cameron Forbes (Tax); Special Counsel Helen Jin (FIRB); and Partner Hendrik van Aswegen (Litigation).