PERTH (miningweekly.com) - Diversified miner Aquila Resources has reached an agreement with joint venture partner Vale on the price for its share in the Belvedere hard coking coal project, in Queensland.
In December last year, the company’s 24.5% share in the Belvedere project was given a A$150-million price tag by a determining valuer, afte Aquila and Vale failed to reach a common valuation.
The two parties have been at loggerheads since 2010.
Aquila said on Friday that it had now signed binding agreements with Vale to settle all legal proceedings and disputes relating to Belvedere for A$20-million, and to complete the option for the A$150-million fair market value.
Completion of the option was expected to take place in the March quarter, subject to the relevant indicative approvals under the Queensland Mineral Resources Act.
The legal proceedings would be settled on the completion of the option.