Shearman And Sterling

News October 19, 2020

Orion Mine Finance Closes Acquisition of Oxy Assets

Shearman & Sterling represented Orion Mine Finance (Orion), in its acquisition of Occidental Petroleum Corporation’s (Oxy) Wyoming, Colorado, and Utah Land Grant assets in exchange for a purchase price of approximately $1.33 billion. The deal closed on October 19. 

The transaction has a footprint of approximately 4.5 million mineral acres and 1 million fee surface acres. The Land Grant assets date to the Pacific Railroad Act of 1862 and provide immediate cash flow and value through a diverse array of natural resources, including mineral rights to the world’s largest known trona deposit. Trona is a mineral used to make soda ash, the principal ingredient in baking soda, global glass manufacturing, pollution control systems, as well as other critical chemical applications.

The Team