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

Written by

Joel Scanlon

Joel, originally from the UK, emigrated to Australia in 1995 and spent 5 years working in the mining industry as an exploration Geo-technician where he developed skills in GIS Mapping and CAD. Joel also spent a year working underground in a gold/copper mine. Upon moving to the North Coast of NSW, Australia Joel worked as a graphic designer for a leading consultancy firm before starting a successful business providing graphic and web design services to local businesses on the eastern seaboard of Australia. Joel is skilled in project management, web programming, design, animation, database and networking, software and editing. Joel has been with AZoNetwork since its inception in 2000.

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