Sumitomo Pulls Out Of $113M Joint Coal Venture With Aquila

Law360, New York (April 29, 2013, 3:10 PM EDT) -- Aquila Resources Ltd. on Monday announced Sumitomo Corp. had pulled out of an Australian joint coal exploration venture after an appraisal valued the deal at AU$108.8 million (US$112.6 million), further setting back Aquila’s plans to help restart a stalled AU$7.4 billion iron ore project in Western Australia.

Aquila had reached a memorandum of understanding with a unit of the Japanese conglomerate, Sumisho Coal Australia Pty Ltd., in April 2012, allowing Sumisho to pick up a 20 percent to 50 percent share of Aquila's portfolio of Queensland-based coal...
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