Vale signs off on Isaac Plains sale

ISAAC Plains open-cut coal mine near Moranbah is now half-owned by Japanese industrial powerhouse Sumitomo Corporation.

Aquila Resources said it would use the cash from the part-sale to focus on its iron ore aspirations.

The deal was almost completed in May after the Foreign Investment Review Board ticked off on the details, however Aquila had to wait for final approval from Isaac Plains co-owner Vale Australia.

Vale's parent company, Brazilian mining firm Vale, gave its blessing to the deal early on so its final endorsement was not a surprise.

Sumitomo, which has interests in media, steel-making, mining, real estate and transportation, bought the share through a wholly-owned subsidary, Ocean Coal Mining, for $430.million.

Final settlement is due within weeks.


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