Development-phase Mining JV – Deal Restructuring. Water Street facilitated a series of negotiations to restructure JV ownership for a development-phase project stuck at a final investment decision over concerns of project size and macroeconomic trends. On behalf of all partners, we ran a series of working sessions to understand all interests and concerns and to identify workable paths forward. Our work led the partners to find a mutually-agreeable solution, with the mine restructured to buy out the dissenting partners, allowing the next phase of development to proceed.
National Mining Company – Metals Processing JV Governance Model Redesign. We recently advised the owners of a multi-billion dollar project-phase JV, including a national mining company, on potential changes to its governance model. Our diagnostic revealed divergent views on the appropriate autonomy for management leading to significant decision delays, exacerbated by over-reaching committees staffed with junior people from the owners. Water Street provided a set of specific recommendations related to the Board’s composition and focus, committee roles, and communication tactics and processes between the Board and management. This resulted in adjustments to the Board, new committee mandates, a CEO able to attract sufficient talent, and a project that was ultimately completed on time and on budget.
Major Mining Company – JV Portfolio Review. A leading multinational diversified metals and mining company with a growing portfolio of JVs had experienced a series of negative performance surprises and risk-related incidents in their JV portfolio. Water Street was brought in to audit the company’s JV portfolio against Water Street’s standards of world-class JV governance and management. In addition to scoring the company’s portfolio, Water Street provided a gap analysis and a set of targeted improvements to mitigate future risks. The suggestions were well-received and have been rolled out against more than $20 billion USD worth of assets in the company’s portfolio.
Major Mining Company – Operating Model Re-Design. We recently served a major mining company, operating a 50:50 JV, to influence its non-operating partner into assuming a more prominent role in the venture. We developed and socialized options for greater participation, and held multiple working sessions to drive alignment between the partners. We then captured areas of agreement in an Operating Model Blueprint, (containing items like Guiding Principles, Board / Committee charters, Director expectations, HR policies, Shared Service Models, etc.) defining the increased participation of the non-operating partner.
Major Mining Company – Deal Check. A major, diversified metals and mining company was in the process of assessing several mineral partnership opportunities in Russia. Given their limited experience in Russia, they asked Water Street to provide an overview of the Russian joint venture market, offer suggestions, and alert them to any traps they may encounter. In addition to the market analysis, Water Street also reviewed and offered feedback on their draft term sheet and provided templates to help facilitate negotiations and structure the JV’s transitory and development-phase governance structures.
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Water Street Partners LLC is not associated or affiliated in any way with Water Street Healthcare Partners, LLC, which is a wholly separate entity.