Aquila Resources (AQA) is a minerals exploration company, with its main focus being on coal and iron ore exploration. AQA’s main assets are in Queensland’s Bowen Basin and WA’s Pilbara region.
Yesterday, AQA completed the feasibility study for its Washpool Hard Coking Coal project, but some disappointing aspects of the study saw it become one of the shares to sell.
AQA is aiming for the mine to produce 1.6 million tonnes of coal per year, for 25 years, with first production to commence in 2013.
AQA estimated its capital expenditure at $320 million, with operating costs of around $106 per tonne.
The operating costs came in slightly above share market expectations, which helped contribute to the fall in its stock price.