19/06/2008 - 08:52

Aquila loses High Court appeal

19/06/2008 - 08:52

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Como-based Aquila Resources Ltd battle with AMCI and Brazilian mining company Vale has ended, with the High Court refusing to grant the company leave to appeal.

Como-based Aquila Resources Ltd battle with AMCI and Brazilian mining company Vale has ended, with the High Court refusing to grant the company leave to appeal.

Aquila said it was disappointed with the high court's decision but accepts that all remedies in respect of its 'change in control' dispute with AMCI have now been exhausted.

The legal stoush started early last year when Brazilian company Vale bought AMCI's Australian coal assets, several of which were under joint venture with Aquila.

Aquila has previously argued in court that the restructure resulted in a change in control under the agreements, which triggered an option for it to acquire AMCI's interest in the coal and iron ore projects, which are jointly held under the Australian Premium Iron (API) JV.

In an announcement released yesterday, the company said it continued to fully sipport the API JV and also the coal assets, with the view to bringing each of them to production as soon as possible.

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