Aquila's $7.7B Aussie Iron Ore Project Stalls Over Funds

Law360, New York (February 4, 2013, 6:42 PM EST) -- Plagued by budget disputes and cost increases, a AU$7.4 billion (US$7.7 billion) iron ore joint project in Western Australia will be effectively grounded for the coming year, mining company Aquila Resources Ltd. said Monday.

Aquila had been unable to reach a 2013 budget with venture partner AMCI Holdings Australia Pty. Ltd., a subsidiary of the privately owned American Metals and Coal International Inc., for several months and had been forced into arbitration over the West Pilbara Iron Ore Project, the company said.

The two had been...
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