ID :
128277
Wed, 06/16/2010 - 20:09
Auther :
Shortlink :
http://m.oananews.org//node/128277
The shortlink copeid
Mining giant Vale hits out at Aquila
Aquila Resources Ltd has accused Brazilian mining giant Vale of using a legal row as
a smokescreen to delay the development of their joint venture Queensland coal
project.
Aquila executive chairman Tony Poli said he thought Vale had reasons for seeking to
delay the $1 billion Eagle Downs coking coal project going ahead as planned.
He said Aquila was seeking to have the project utilise the Abbot Point coal port.
However, Mr Poli said Vale wanted to use the Dalrymple Bay coal terminal, which he'd
been told would not be built before 2016.
"I think they are trying to squeeze us, by buying the asset off us cheaply, or
because Vale is a large company they are trying to project manage all their projects
in the world and this one didn't get a guernsey to go yet," Mr Poli told AAP.
A Vale spokesman could not immediately be contacted to respond to the claims.
However, Vale lashed out at Aquila Resources in a statement on Wednesday, warning
the Australian company could cause delays and frustration at the Eagle Downs
project.
Vale and Aquila have been embroiled in legal stoushes over the project, with the
latest disagreement concerning the wording of a condition for a feasibility study.
On Tuesday, Aquila said it wanted to clarify that the feasibility study should take
into account port and rail logistics.
But Vale questioned the accuracy of Aquila's Tuesday statement.
"It (Aquila) has sought to add words to the budget approval condition, which BCC
does not accept are either necessary or accord with the terms of the JVA and which,
in BCC's opinion, are not a mere `clarification'," the Brazilian company said.
"(Vale subsidiary Bowen Central Coal) BCC wants to move ahead with the feasibility
study," said Vale's global coal managing director Decio Amaral in the statement.
"But Aquila's refusal to agree to pass the budget resolution with respect to certain
capex items which we accepted ... may unfortunately cause delay, frustration and
unnecessary uncertainty."
BCC on Friday issued a notice of dispute to Aquila concerning the matter.
Shares in Aquila closed up 36 cents, or 4.17 per cent, at $8.99.
a smokescreen to delay the development of their joint venture Queensland coal
project.
Aquila executive chairman Tony Poli said he thought Vale had reasons for seeking to
delay the $1 billion Eagle Downs coking coal project going ahead as planned.
He said Aquila was seeking to have the project utilise the Abbot Point coal port.
However, Mr Poli said Vale wanted to use the Dalrymple Bay coal terminal, which he'd
been told would not be built before 2016.
"I think they are trying to squeeze us, by buying the asset off us cheaply, or
because Vale is a large company they are trying to project manage all their projects
in the world and this one didn't get a guernsey to go yet," Mr Poli told AAP.
A Vale spokesman could not immediately be contacted to respond to the claims.
However, Vale lashed out at Aquila Resources in a statement on Wednesday, warning
the Australian company could cause delays and frustration at the Eagle Downs
project.
Vale and Aquila have been embroiled in legal stoushes over the project, with the
latest disagreement concerning the wording of a condition for a feasibility study.
On Tuesday, Aquila said it wanted to clarify that the feasibility study should take
into account port and rail logistics.
But Vale questioned the accuracy of Aquila's Tuesday statement.
"It (Aquila) has sought to add words to the budget approval condition, which BCC
does not accept are either necessary or accord with the terms of the JVA and which,
in BCC's opinion, are not a mere `clarification'," the Brazilian company said.
"(Vale subsidiary Bowen Central Coal) BCC wants to move ahead with the feasibility
study," said Vale's global coal managing director Decio Amaral in the statement.
"But Aquila's refusal to agree to pass the budget resolution with respect to certain
capex items which we accepted ... may unfortunately cause delay, frustration and
unnecessary uncertainty."
BCC on Friday issued a notice of dispute to Aquila concerning the matter.
Shares in Aquila closed up 36 cents, or 4.17 per cent, at $8.99.
