This article is 17 years old. Images might not display.
On December 21 Aquila's court appeal was unsuccessful. The Supreme Court upheld its previous decision that the restructuring of AMCI interests in the Australian Premium Iron Joint Venture and the Belvedere Coal Joint Venture, of which AMCI and Aquila each hold 50%, did not constitute a change of control.
A change of control under the joint venture would mean Aquila would have the option to purchase AMCI's 50% interest in both projects at a price determined by an independent expert at the date of the change of control.
Aquila said based on the reasons behind the Supreme Court's decision, it had instructed its legal team to seek special leave to appeal the decision.
Allan Myers QC will represent Aquila.
Initial studies at Belvedere indicate the potential for an underground operation of up to three longwalls, producing 11-12 million tonnes per annum of hard coking coal.
