It was a case of good news, bad news and some interesting news yesterday for one of Western Australia's most successful companies, iron ore and coal miner Aquila Resources.
Yesterday, the company announced it had received the go-ahead from the federal government to release its environmental review for its Anketell Point port project for public comment.
It's a major step for the project, which will see the development of a new deep water point north of Karratha in the Pilbara.
But also yesterday, the company received some unwelcome news from the WA Supreme Court, which rejected its bid for an injunction against joint venture partner American Metal & Coal International (AMCI).
Aquila and AMCI differ in opinion as to whether their joint $5.8 billion West Pilbara iron ore project is ready to go into development, and in the event of a dispute, each party has the option to buy the other out.
AMCI is ready to go ahead with the project, saying it doesn't need to wait for a second feasibility study, and is threatening to buy the project out from under Aquila.
So while it wants to wait, Aquila will now approve further development at the site to avoid losing it altogether.
"Aquila Steel believes that it is inappropriate to consider a decision to undertake mine development when such a decision is subject to a number of material conditions," the company said in a statement.
"Notwithstanding the above, in these circumstances, subject to any further discussions and negotiations with AMCI, Aquila Steel intends to approve this highly conditional resolution at the management committee meeting scheduled for 22 December."
And also yesterday, it was released that Aquila's executive chairman Tony Poli had sold $20 million worth of shares last week, taking his stake in the company down from over 84 million shares to just over 82 million.
Shares in Aquila are up in today's trade, rising 3.25 per cent to $9.86
