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World’s Top Mining Lawyers World’s Top Mining Lawyers

World’s top mining lawyers Offices Total number of mining Total number of mining Global revenue Mining/metals revenue as a Financial year Key clients lawyers (total lawyers) partners (total partners) (US$ million) percentage of global revenue

FY 2012/2013 FY 2013/2014 FY 2012/13 FY 2013/14

Allen & Overy 46 >160 (2,717) 66 (526) 1,840 2,080 3.3% 3.2% 30-Apr Vale; Rio Tinto; Fortescue Metals Group; Resource Capital Funds; Ferrous Resources

Ashurst 28 146 (1,594) 46 (403) 8693 935 Not supplied Not supplied 30-Apr Anglo American; BHP Billiton; Rio Tinto; Glencore; Randgold Resources; First Quantum Minerals; Vedanta Resources; Rusal Baker & McKenzie 77 >200 (4,200) 45 (1,430) 2,400 2,500 2.2% 3.4% 30-Jun Saudi Arabian Mining Company Al Maaden; Vale; Peabody; Rio Tinto; KGMH

Bennett Jones 9 30 (382) 15 (204) Not supplied Not supplied Not supplied Not supplied 31-Dec McEwen Mining; Osisko Gold Royalties; Argonaut Gold; Premier Royalty Corporation; Victoria Gold Berwin Leighton Paisner 12 62 (773) 30 (157) 306.1 414.7 16%1 17%1 30-Apr Long Hau/PT Bakrie & Brothers Tbk; Ncondezi Energy; Zanaga Iron Ore; International Mining and Infrastructure; PT Kaltim Prima Coal Clayton Utz 6 116 (891) 28 (186) 460.2 399.3 21%1 19%1 30-Jun Noble Group; Glencore; Vale; Barrick Gold; Antofagasta Minerals Cleary Gottlieb Steen & Hamilton 16 Not supplied (1,050) Not supplied (186) Not supplied Not supplied Not supplied Not supplied 31-Dec Vale; BHP Billiton; Coldelco; ArcelorMittal; Alpha Natural Resources Clifford Chance 26 214 (2,493) 67 (587) 1,995 2,175 Not supplied Not supplied 30-Apr Glencore; Anglo American; Mitsui; Chinalco; China Minmentals Covington & Burling 10 30 (882) 27 (264) 656.9 709 Not supplied Not supplied 30-Sep Barrick Gold; Joy Global; Newmont Mining; OCP; Rio Tinto Davies Ward Phillips & Vineberg 3 44 (234) 34 (155) Not supplied Not supplied Not supplied Not supplied Not supplied Barrick Gold; Agnico Eagle Mines; BHP Billiton; MAG Silver Corp; KGHM Polska Miedź Debevoise & Plimpton 8 30 (615) 10 (134) 688.2 710.3 Not supplied Not supplied 31-Dec Norilsk Nickel; Polyus Gold; Barrick; Antofagasta Minerals; Freeport McMoRan DLA Piper > 80 150 (4,200) 50 2,480 2,480 5-7% 5-7% 31-Dec Fortescue Metals Group; Government of the Republic of Guinea; BC Iron; Tata Steel; API Management Fasken Martineau 9 155 (794) 69 (450) Not supplied Not supplied Not supplied Not supplied 31-Jan First Quantum; BHP Billiton; Eldorado Gold; De Beers; Iamgold Gowlings 10 120 (673) 80 (426) Not supplied Not supplied Not supplied Not supplied Not supplied Franco-Nevada Corporation; Korea Resources Corporation; Platinum Group Metals; Royal Nickel Corporation; Lithium Americas Corp Herbert Smith Freehills 24 563 (2,376) 179 (458) 1,1704 1,370 Not supplied Not supplied 30-Apr Adani Mining; BHP Billiton; Glencore; Lonmin and Rio Tinto Hogan Lovells 47 400 (2,360) 30 (788) 1,718 1,779 7%1 7%***** 31-Dec Rio Tinto; BHP Billiton; Intrepid Potash INC; AngloGold Ashanti; Twin Metals Minnesota Lavery 5 15 (215) 8 (90) Not supplied Not supplied 5% 5% 31-Dec Osisko Gold Royalties; Hecla Mining; Richmont Mines; Dynacor Gold Mines; Maya Gold & Silver Linklaters 29 Not supplied (2,600) Not supplied (450) 1,850 2,150 Not supplied Not supplied 30-Apr Glencore; Rio Tinto; Anglo American; KAZ Minerals; Fresnillo Mayer Brown 21 80 (1,486) 35 (603) 1,140 1,220 Not supplied Not supplied 31-Dec Unicredit; Standard Chartered Bank; Société Générale; BNP Paribas; Rand Merchant Bank; Wolf Minerals; Government of Afghanistan McCarthy Tétrault 6 60 (592) 18 (293) Not supplied Not supplied Not supplied Not supplied 31-Dec Rio Tinto; Royal Gold; CEF Holdings; Glencore; Anglo American; Vale; Goldcorp; Thompson Creek Metals Company Norton Rose Fulbright 56 600 (3,111) 150 (1,200) 1,3345 1,851 Not supplied Not supplied 30-Apr Rio Tinto; Anglo American; AngloGold Ashanti; BHP Billiton; Standard Bank Shearman & Sterling 18 Not supplied (842) 28 (201) 820.3 844.8 Not supplied Not supplied 31-Dec Anglo American; ArcelorMittal; Essar; IFC; Commonwealth Bank of Australia Simmons & Simmons 24 411 (871) 24 (268) 450 419 Not supplied Not supplied 30-Apr Anglo American/Kumba Iron Ore; First Quantum Minerals; Blackrock; Shenhua Group; China Minmetals; Copperbelt Minerals; Sumatra Copper & Gold; Macquarie Skadden, Arps, Slate, Meagher & Flom 23 Not supplied (1,700) 14 (397) Not supplied Not supplied Not supplied Not supplied Not supplied Pan American Silver Corp; Severstal; BHP Billiton Finance; Hidili Industry International Development; Newcrest Mining Slaughter and May 4 592 (550) 24** (116) Not supplied Not supplied Not supplied Not supplied 30-Apr AngloGold Ashanti; BHP Billiton; Government of Botswana; Okavango Diamond Company; PT Borneo Lumbung Energi & Metal Tbk Squire Patton Boggs 44 100 (1,479) 25 (452) 775 870.5 Not supplied Not supplied Not supplied Cliffs Natural Resources; ArcelorMittal; Oxford Mining Company; Tundra Gold; Crocodile Gold Corporation of Canada; Itochu; Mitsui; BHPB; Jinchuan Group; Coal of Africa Sullivan & Cromwell 12 50 (>800) 11 (174) Not supplied Not supplied Not supplied Not supplied Not supplied Kinross Gold; Rio Tinto; Emirates Aluminium; Kenmare Resources; Antofagasta Minerals Watson Farley & Williams 14 54 (461) 18 (131) 170.9 195.9 7.7% 7.3% 30-Apr Mariana Resources; North River Resources; Chaarat Gold Holdings; Baobab Resources; Herencia Resources White & Case 38 80 (1,878) 32 (418) 1,440 1,503 3.5% 5.5% 31-Dec MMG; New World Resources; Gold Reserve

1 This figure is for the firm’s wider energy division 2 This figure is for Infrastructure, Energy and Natural Resources (IEN) 3 Ashurst LLP and Ashurst Australia financially combined on November 1, 2013. 4 Herbert Smith Freehills’ pro forma figure for the financial year 2012/2013 was approximately £762 million (US$1.37 billion) by working on the basis that revenues were £800 million (US$1.37 billion) in 2013/2014, On a like-for-like basis the revenue for 2014 (£586 million; US$935 million) was up by 6% so 2013 would have been £550 million (US$869 million). That said, the revenue for legacy Ashurst LLP for the up 5% on the previous financial year (2012/2013) 5 This is not a direct comparison as Norton Rose and Fulbright & Jaworski combined on June 1, 2013. This figure is for legacy Norton Rose only. year ending April 30, 2013 was £323 million (US$500 million). NB: If not already supplied in US dollars, all figures have been converted relevant to the reporting date.

on its books spread across 56 offices worldwide. 179 in total, focused on deals and other work related firms’ capacity to work on several large-scale, cross- with Australia’s Allens Arthur Robinson. Less than a The firm has been on the acquisition trail since to the sector. Together with Slaughter and May, border mandates at once. year later it had also forged an alliance with leading 2010, gaining a strong foothold in key mining mar- ENSafrica and Cleary Gottlieb Steen & Hamilton, the Having a presence on the ground in certain coun- South African firm Webber Wentzel. kets such as Australia, Canada, South Africa, Latin “When it is a firm is advising BHP Billiton on its South32 demerger. tries is also a distinct advantage and something that In 2013 Fasken Martineau merged with 80-strong America, Central Asia and finally in the US via a question of The next biggest firm by mining headcount is has driven many firms’ expansion in recent years. “Having a presence Johannesburg-based law firm Bell Dewar. A year merger with Fulbright & Jaworski in June 2013. quantity versus Hogan Lovells – formed from the May 2010 merger DLA itself is the product of two large mergers in later Fasken formed an alliance with UK law firm Today the firm has about 600 lawyers working on between Washington DC-based Hogan & Hartson 2005 and has subsequently established tie-ups in on the ground in Simmons & Simmons in a bid to expand the two mining deals, including 150 partners, making it the quality, mining and UK firm Lovells – with 400 mining lawyers and established mining jurisdictions such as South Africa, certain countries firms’ African offering. More localised mergers are firm with the biggest mining headcount in our clients would 30 mining partners, followed by Baker & McKenzie Turkey, Brazil and Australia. But after a failed attempt also happening all the time – in November last year table. As well as acting for many of the majors, the with 200 lawyers and 45 partners, Allen & Overy with to take over the now defunct Montreal-based is also a distinct Africa’s largest firm ENSafrica announced it had firm recently acted as counsel to Aureus Mining in always choose 160 lawyers and 66 partners, Canada’s Fasken Mar- Heenan Blaikie, it was only earlier this year that the advantage” merged with 11-strong partner Namibian firm Lor- connection with securing a US$88 million loan the latter” tineau with 155 lawyers and 69 partners, DLA Piper firm finally managed to gain a Canadian outpost via entz Angula, gifting the firm with another two facility for its New Liberty gold project in Liberia. with 150 lawyers and 50 partners and Ashurst with a merger with Vancouver-headquartered Davis. offices on the continent. Although Herbert Smith Freehills – the product of 146 lawyers and 46 partners focused on the sector. Other firms haven’t gone as far as a merger, but Alliances and association agreements have also the October 2012 merger between UK-based Herbert Of course, when it is a question of quantity versus have forged strong alliances to boost their offering helped many firms get a foot in the door in mining Smith and Australia’s Freehills – has fewer lawyers quality, mining clients would always choose the lat- in a particular part of the world, as Linklaters did in jurisdictions where foreign law firms are not focused on mining at 563, the firm has more partners, ter, but these figures are useful in highlighting law 2012 when it announced it was forming an alliance allowed to practise – such as Indonesia – or in coun-

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