PERTH (miningweekly.com) – Takeover target Aquila Resources has secured a Native Title agreement with the Kuruma Marthudunera native title claim group over its West Pilbara iron-ore project, in Western Australia.
The Native Title agreement was a necessary step for Aquila towards the grant of a mining lease for Stage 1 of the project development, which would require a capital investment of A$5.7-billion to deliver about 30-million tonnes a year of iron-ore, over a 15-year mine life.
The company said on Wednesday that negotiations with the Puutu Kunti Kurrama and Pinikurra claim group were well advanced, and would likely be completed by the September quarter.
Aquila is currently the target of a takeover offer by Chinese steel giant Baosteel and Australian freight operator Aurizon, which have made a A$1.42-billion offer for the diversified junior.
The two companies were jointly offering Aquila shareholders A$3.40 in cash for each share held.