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Vale snaps up outstanding Belvedere stake

Publishing Date
01 Feb 2013 1:31pm GMT
Mining Journal
Vale SA will exercise its right to purchase the remaining 24.5% stake in the 7Mt/y Belvedere coking coal project in Queensland, Australia.

Vale said it would pay A$150 million (US$155 million) to Aquila Resources Ltd for the stake following an evaluation of the project from an independent third party in December last year.

The transaction will take Vale’s interest in the Belvedere project, located in the coal-rich Bowen Basin region, to 100%.

Vale said it would also pay Aquila A$20 million after the two companies agreed to settle all legal proceedings and disputes related to the project.

Meanwhile, Aquila said the Western Australia state government had granted environmental approval for the Anketell Port, in which the company holds a 50% interest.

The proposed multi-user, deep-water port would be developed in a staged expansion to provide as much as 350Mt/y in iron-ore export capacity.

The company received environmental approval for the mine and rail elements of the West Pilbara Iron Ore project in December 2011.

Stage 1 of the West Pilbara Iron Ore mine is expected to provide 30Mt of annual iron ore production for Aquila.

The construction of the port remains subject to other non-environmental approvals.

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