(MENAFN- ProactiveInvestors - Australia) Aquila Resources (ASX:AQA) is a step closer to selling a 24.5% stake in the Belvedere hard coking coal Joint Venture in Queensland to Vale Belvedere, a subsidiary of Vale SA.
It has also settled all the legal proceedings and disputes in relation to Belvedere for an aggregate of A$170 million with the stake valued at $150 million by Rothschild.
All the parties to the joint venture deal have received all relevant indicative approvals under the Queensland Mineral Resources Act for the transfer of Aquila Resources' coal interest in Belvedere to Vale.
This has made the agreement between the two parties unconditional and completion is likely to happen later this month.
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