Company News Summary
Aquila Resources Provides Update on Settlement - Belvedere Hard Coking Coal Project
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.
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