The approval of its first iron ore mine saw the shares in Aquila Resources peak at $7.00 this week.
The $6 billion worth iron ore project in West Pilbara was given conditional approval by the Western Australia environment minister yesterday.
The iron ore project will be a joint venture for the company with American Metals and Coal International Inc. The 50-50 partnership project had got conditional approval from the Australian federal government last week.
With these approvals in hand Aquila Resources said that the authorities in the Western Australia government can now consider approving the submissions for the development and operation of facilities on the mine site and the proposed rail way route.
The final approvals of both the state and federal government are expected to come in by the second quarter of 2012 if all goes well said the company. This is the first iron ore project that the company is getting involved with.