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.