PERTH (miningweekly.com) – Junior diversified miner Aquila Resources on Monday reported that it had reached an agreement with Brazilian major Vale around the Eagle Downs hard coking coal project, in Queensland.
In June last year, Aquila and Vale delayed the completion of Eagle Downs from November 2016 to the first half of 2017 after re-evaluating its capital spend in a soft coal price environment.
Aquila also flagged the possibility of introducing a new joint venture (JV) partner into the 5.1-million-tonne-a-year Eagle Downs JV.
The ASX-listed junior said on Monday that the JV partners had now resolved their differences around the Eagle Downs project, and were in alignment to complete the construction of the project.
“Aquila has reached agreement with Vale for the settlement and release of each party from all legal proceedings and claims made between them relating to the Bowen Central Coal JV,” Aquila told shareholders, adding that each party would bear its own legal costs in the proceedings.