Aquila Resources CEO Tony Poli pictured at his Como headquarters. Pic by Mogens Johansen 25 August 2010. Fairfax online and Financial Review out.
Aquila Resources CEO Tony Poli pictured at his Como headquarters. Pic by Mogens Johansen 25 August 2010. Fairfax online and Financial Review out.

Aquila Resources has buried the hatchet with its Brazilian joint venture partner over the Eagle Downs Hard Coking Coal project in Queensland.

The settlement of the dispute will allow Aquila and Vale to complete construction of the $1.3 billion project, south-east of Moranbah in the northern Bowen Basin.

Aquila said in a statement each party would bear its own legal costs to date and that the settlement was unconditional and effective immediately.

The protracted dispute related to a difference of opinion on infrastructure and development options for the project.

Eagle Downs boasts a resource of nearly one billion tonnes, with the partners planning to produce 4-5 million tonnes a year.

Aquila holds 50 per cent of the project.

Shares in Aquila were up five cents, or 1.84 per cent, to $2.77 at 10.35am.

The West Australian

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