Aquila Resources Looks to Sell Washpool and Gets Nod for West Pilbara Iron Ore Project

Aquila Resources Ltd is selling its Washpool coal project. Tony Poli, chief executive officer of the company said that dozens of potential buyers were studying the purchase of the asset. The Perth based company hopes to raise AUD $1 billion for the asset.

The Paterson Securities Ltd estimate said that Washpool was valued at Australian $366 million in June. The capital cost of the Washpool project was said to be about Australian $396 million as per Aquila Resources in the month of May. Aquila Resources is also selling its Avontuur manganese project in South Africa and the stake it has in the Belverdre coal project to Vale SA.

The funds from the sale will come in handy for the possible port that it wishes to develop at Anketell Point. The Environmental Protection Authority said that it has approved the $5.8 billion worth iron ore project in West Pilbara based on certain conditions that the joint venture partners Aquila Resources and American Metals and Coal International must meet.

Tony Poli said that having made a substantial investment in the approvals and engineering process, it is rewarding to achieve a significant project milestone for Aquila's shareholders. He added that they were looking forward to working constructively with the WA Government and other stakeholders to deliver a strategically important port and rail solution to unlock the western Pilbara for a range of resources companies.

The company is in competition with Fortescue Metals Group to earn the rights to develop a multi-use port in the Pilbara. The Western Australia state government is expected to choose who gets to develop the port this year.

Joel Scanlon

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Joel Scanlon

Joel relocated to Australia in 1995 from the United Kingdom and spent five years working in the mining industry as an exploration geotechnician. His role involved utilizing GIS mapping and CAD software. Upon transitioning to the North Coast of NSW, Australia, Joel embarked on a career as a graphic designer at a well-known consultancy firm. Subsequently, he established a successful web services business catering to companies across the eastern seaboard of Australia. It was during this time that he conceived and launched News-Medical.Net. Joel has been an integral part of AZoNetwork since its inception in 2000. Joel possesses a keen interest in exploring the boundaries of technology, comprehending its potential impact on society, and actively engaging with AI-driven solutions and advancements.

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