Australian miner Aquila Resources Limited has announced that total JORC iron ore resource statements for its West Pilbara iron ore project and wider Pilbara tenements now amount to 1.71 billion mt, increasing by 40 percent compared to the previous resource statement.
The company intends to progress exploration programs, subject to various approvals, to assess the iron ore reserves in its tenements.
Aquila also stated that it has reduced the capital expenditure for the project given the weaker macroeconomic environment.