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Miner Vale has warned Aquila Resources Limited (ASX:AQA) it could be liable to pay millions of dollars in damages if it loses a legal case relating to the Eagle Downs joint venture. That’s according to the Australia Financial Review.
The Queensland Supreme Court granted Aquila a preliminary injunction this week to stop a meeting from taking place that may have forced it to sell its 50 per cent stake in the joint venture, to Vale for half the market price.
In a statement, Vale’s head of Australian coal operations said there was no formal finding that Vale had breached the joint venture agreement.
