PERTH Nov 30 Aquila Resources said it
had not yet reached an agreement with its partners on their
A$7.4 billion ($7.7 billion) iron ore project in Western
Australia but was hopeful of a resolution early next year.
Aquila aims to build the mine, rail and port with annual
iron ore production of 30 million tonnes, but the project has
been stalled by a delay in securing funding and regulatory
A budget dispute between Aquila and its partner AMCI (WA), a
joint venture between private mining investment and trading
group American Metals and Coal International (AMCI) and steel
giant POSCO, is further complicating matters.
The partners had been in talks to conserve funds but had not
been able to agree on a budget for the 2012/13 financial year.
"Aquila remains hopeful that this will be resolved in early
2013," Aquila said in notes for speeches at its annual meeting
The West Pilbara Iron Ore project is one of the biggest in a
$280 billion pipeline of planned resource investments in
Australia that may be frozen or delayed as funding dries up amid
concerns about the outlook for iron ore and coal, and escalating