Aquila gets nod for new deep sea port
Aquila Resources Limited (AQA) said the West Australian government has approved the development of a new deep-sea port at Anketell Point on the West Pilbara coast. The project is expected to receive final approval by 2011, with production expected by 2013.
The port is expected, initially, to have a capacity of 40 million tonnes per year, and there is a provision for expansion to up to 350 million tonnes annually.
Aquila said it had received assistance for the development proposal from Fortescue Metals Group Limited (FMG) and China Metallurgical Group Corporation, who have been identified as users of the site.
The development of the site includes 275km of new railways as well as a mine, with around $145 million having already been invested in the project.
At 1031 AEDT, Aquila shares were trading up 18c at $10.40.
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