Thursday, 28 Jul 2011
Aquila Resources Limited refers to the various recent announcements regarding the dispute between its wholly owned subsidiary IP Coal Pty Ltd and Vale Australia Pty Ltd as to the basis on which future separate shipments of coal can be sent from the Isaac Plains Coal Mine. The most recent announcement was on 13 July 2011 which confirmed that a single upcoming shipment by IP Coal would proceed.
Aquila announced that Vale and IP Coal have reached an agreement which effectively puts aside the difference of opinion between them regarding the ability to make separate shipments of coal from Isaac Plains. This means that normal shipments of coal will now resume.
The agreement applies until March 31st 2012. IP Coal and Vale are continuing to pursue options for a longer term resolution of the issues regarding separate shipments of coal from Isaac Plains.
Aquila will keep the market informed of developments in respect of the above.
An Aquila spokesperson said that "Aquila remains firmly of the view that none of this disruption was necessary but, now that we have certainty, our focus is to clear the backlog of predominately coking coal. We have a number of ships lined up and it is important for the ongoing efficiency of the mine that coal is shipped as soon as possible."
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