Aquila Sells Coal Stakes To Fund $3B Iron Ore Project

Law360, New York (April 3, 2012, 3:59 PM EDT) -- Australian mining co. Aquila Resources Ltd. will sell large stakes in two of its coal projects to units of trading giant Sumitomo Corp. in order to raise capital for Aquila's share of a AU$5.8 billion (US$6 billion) iron ore mine in Western Australia, according to deals announced Tuesday.

Sumitomo Corp.'s Ocean Coal Mining Pty. Ltd. picked up a 50 percent stake in Aquila's Isaac Plains Coal Mine for AU$430 million ($446 million), while Sumisho Coal Australia Pty. Ltd. inked a deal for a 20 percent to...
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