The dispute began in February when CVRD bought AMCI and restructured its interests in the Australian Premium Iron JV and the Belvedere JV, in which two Aquila subsidiaries hold 50% joint venture interests.
Aquila believed the restructure had resulted in a change in control under the JV agreement and thus triggered an option for Aquila to acquire both interests.
On September 4, the Supreme Court of Queensland ruled the move did not constitute a change in control.
”After consideration of the reasons for the decision with its legal team, Aquila reports that it has today instructed its legal representatives to lodge an appeal against the decision," the company said.
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.
Mr Allan Myers AO, QC has been briefed to represent Aquila in the appeal.
