Canada’s Barrick Gold must pay British dealmaker Ian Hannam’s firm $2 million plus expenses for his work on the acquisition of gold miner Randgold Resources, London’s High Court ruled on Wednesday.
Hannam was formerly one of JPMorgan’s top rainmakers and nicknamed the “king of mining” for his record of brokering deals in the resources sector, including the merger that created BHP Billiton in 2001 and the 2012 merger of Glencore and Xstrata.
His advisory boutique Hannam & Partners sued over an agreement he says was reached shortly before Barrick’s 2018 acquisition of Randgold.
Hannam & Partners said it was promised a minimum of $10 million, with the figure to increase if the deal was worth more than $10 billion.
After Barrick and Randgold agreed a deal ultimately worth some $18 billion, Hannam asked for $18 million and was rebuffed.
Randgold’s lawyers said there was no written…
