Australian Shares – Aquila Resources Limited (AQA) 8 June 2010
Aquila Resources (AQA) is a minerals exploration company and is focused on coal, iron ore, manganese and other base metals. Currently, it boasts a market capitalization of $2.7 billion.
In Australian share market news, AQA is to sell its 24.5% stake in the Belvedere coal project in Queensland, to Brazilian-based Vale SA.
The miner failed to disclose the price paid, instead noting that the consideration was based on “fair market value”.
Vale SA will now own 100% of the project, after it upped its stake to 75.5% when it acquired the 24.5% stake of private coal investor AMCI Investments.
The Belvedere coal project’s pre-feasibility study in late March identified significant levels of hard coking coal, sparking the interest of Vale SA.
AQA Australian share market price jumped 1.9%, to close at $9.00 a share.