Artists impresstion of stage one development of a new West Pilbara port at Anketell Point, which is being developed by Aquila Resources.  Source: Aquila Resources Date provided: March 2011 Journalist: Kate Emery
Artists impresstion of stage one development of a new West Pilbara port at Anketell Point, which is being developed by Aquila Resources. Source: Aquila Resources Date provided: March 2011 Journalist: Kate Emery

Aquila Resources today reported two pieces of news that will bring plans for its West Pilbara iron ore joint venture closer to reality.

The company reported this morning it had resolved its dispute with Brazilian mining giant Vale over the sale of its 24.5 per cent stake in the Belvedere hard coking coal project in Queensland.

Under the terms of the settlement, the two parties will settle all legal proceedings and disputes for $20 million and the transaction will go ahead at the $150 million price determined by investment bank and valuer Rothschild.

The two parties have been in dispute over the fair valuation of the Belvedere stake since 2010.

Cash from the sale will help Aquila refocus on its flagship West Pilbara iron ore joint venture with AMCI.

Separately, Aquila announced today it had secured State environmental approval for its planned port development at Anketell Point near Wickham.

The company has already received approval for the mine and rail elements of the West Pilbara project.

Aquila said the approval cleared the way for the staged expansion of the multi-user, deepwater port to a nominal iron ore export capacity of 350mtpa, subject to other non-environmental approvals.

"The company believes that the conditions of the Anketell Port environmental approval compare favourably with other major recent port approvals in WA," Aquila said in a statement.

Aquila now needs Federal environmental approval for its proposed port.

Shares in the company were flat at $3.12 at 8am.

The West Australian

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