Stocks Special Reports LICs Credit Funds ETFs Tools SMSFs
Video Archive Article Archive
News Stocks Special Reports Funds ETFs Features SMSFs Learn

Company News Summary

Aquila Resources Provides Update on Settlement - Belvedere Hard Coking Coal Project

15 Feb 2013  |  13:54:00  |  Associate analysts  |  Increase  |  Decrease  |  

Original announcement: Belvedere Hard Coking Coal Project - Update on settlement

Aquila Resources referred to its announcement dated 1 February 2013 regarding completion of the option exercised by Vale Belvedere, a wholly-owned subsidiary of Vale S.A., to acquire the 24.5% venture interest in the Belvedere Coal JV (Belvedere) held by BD Coal, a wholly-owned subsidiary of the company, and the settlement of all legal proceedings and disputes in relation to Belvedere for an aggregate of $170m. The company confirmed that the parties have now received all relevant indicative approvals under the Qld Mineral Resources Act for the transfer of BD Coal's venture interest in Belvedere to Vale and the agreement between the parties is now unconditional. Completion is expected to occur in late February 2013.

Please click here for full details

See more ASX300 News Announcements