Aquila sells coal assets to fund iron ore push

Apr 02, 2012 | 11:20 PM |

Aquila Resources has agreed to sell its 50% interest in the Isaac Plains coking coal mine to Japan’s Sumitomo for A$430 million ($447.7 million), in a move intended to fund its share of the West Pilbara iron ore project. The move comes only one week after the company renewed an agreement over coal shipments from Isaac Plains with Brazil’s Vale, which owns the remaining half of the mine. In addition, the Australian....

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