Sumitomo pulls out of coal exploration JV with Aquila Resources

Australia-based Aquila Resources Limited announced that Sumisho Coal Australia Pty Limited, a wholly owned subsidiary of Sumitomo Corporation, has decided to pull out of a coal exploration partnership with Aquila.
 
In April 2012, Aquila and Sumitomo subsidiary signed a memorandum of understanding which would enable Sumitomo to acquire a 20-50 percent interest in Aquila's significant portfolio of 100 percent owned Queensland-based coal exploration permits.
 
Aquila Resources was planning to raise capital to help fund its A$7.4 billion West Pilbara iron ore project which the company decided to maintain on minimum expenditure for the remaining of the financial year 2012-13, as SteelOrbis previously reported.