Saturday, 17 Dec 2011
Bloomberg reported that Aquila Resources Ltd selling assets to help fund a AUD 5.2 billion iron ore project in Australia is in talks with two bidders for the sale of a coal asset.
Mr Martin Alciaturi general manager finance and corporate of the Perth based company said that “We remain in active dialog with two bidders and expect to announce a transaction in the near future.”
Aquila plans to develop the West Pilbara Iron Ore port, rail and mine project with joint venture partner AMCI Inc as demand for steel in China grows. The company is selling three assets, including the Washpool coking coal project in Australia and the Avontuur manganese project in South Africa.
Mr Alciaturi said that “We remain in active dialog with two bidders and expect to announce a transaction in the near future.”
Washpool is valued at AUD 263 million and Avontuur at AUD 120 million.
(Sourced from Bloomberg)
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