Aquila Resources Ltd (ASX:AQA) says its West Pilbara iron ore project has delivered a maiden reserve of 445 million tones.
The reserve estimate represents 74 per cent of the stage one development resource.
The miner is targeting an annual operation of 30 million tonnes of iron ore from 2014.
Aquila's wholly-owned subsidiary IP Coal Pty Ltd has also announced a force majeure at the Isaac Plains coal mine in Queensland, meaning that the project's operations will temporarily cease because of above average rainfall leading to flooding.
Aquila Resources recorded a net loss of $33.07 million in the year 30 June 2010.
AQA Price at posting:
$9.33 Sentiment: None Disclosure: Held
