Aquila Resources to sell Isaac Plains stake to fund Pilbara iron ore project

Wednesday, 04 April 2012 15:07:07 (GMT+3)   |  
       

Australian miner Aquila Resources Limited has announced that it has agreed to sell its 50 percent stake in Isaac Plains Coal Mine, a joint venture with Brazil-based mining giant Vale, to Ocean Coal Mining, a subsidiary of Japan's Sumitomo Corporation, for a consideration A$430 million. 

The sale of the shares is subject to Vale not using its 60 day pre-emptive rights and it is also required to get approval from the Australian Foreign Investment Review Board.

Aquila Resources will use the proceeds from the sale to fund the estimated A$3 billion share of development costs for its iron ore project in the Pilbara region of Western Australia.


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