Australian miner Aquila Resources Limited has announced that all relevant approvals have been completed for the sale of its 50 percent stake in the Isaac Plains Coal Mine located in the Bowen Basin region of central Queensland.
The 50 percent stake has been sold to Ocean Coal Mining Pty Ltd, a wholly owned subsidiary of Japan-based Sumitomo Corporation, for a total consideration of A$430 million. The sale is expected to be settled in mid-July.
As SteelOrbis previously reported, in June this year Aquila Resources received approval from the Australian Foreign Investment Review Board for the sale of its stake, as Brazilian miner Vale had not used its 60-day pre-emptive rights to buy out a 100 percent interest.