In an Australian law firm first, Herbert Smith Freehills is showing its support for the junior mining sector via an innovative resources portal.
Called Extract, the portal will provide a free set of online legal resources to exploration companies to help them implement early-stage projects.
Global co-head of Herbert Smith Freehills’ mining practice, Jay Leary, said the firm created Extract to assist junior miners through a tough period in the commodity cycle.
“The decline in commodity prices has resulted in a difficult time for the sector as a whole but particularly for junior miners, with many forced to realign their expectations and development timelines.
“As a leading global mining law firm, we recognise the importance of having a strong exploration and project development pipeline. Emerging mining companies are pivotal to the long term growth of the industry and we want to support their endeavours,” Mr Leary said.
Extract will see small to mid-cap miners able to access a range of legal documents such as standard form contracts, confidentiality agreements and term sheets tailored to the sector. Users will also be able to obtain insights from the firm’s mining specialists on more detailed contracts such as joint ventures, farm-in and mining services agreements.
They will also gain access to an online library of information sheets to help fast-track their understanding of key issues and clauses to consider in relation to a range of contracts relevant to junior mining companies.
Herbert Smith Freehills Perth partner Simon Reed said Extract gave the firm the opportunity to partner with exploration and emerging mining companies in a new way.
“Our investment in Extract signals the firm’s confidence in the resources sector and gives us an opportunity to partner with junior explorers and emerging miners to support the development and growth of the sector during a challenging economic period,” he said.
More details on Extract are available here.