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Coal explorer Aquila Resources Limited (ASX:AQA) says its wholly owned subsidiary, IP Coal Pty Ltd has reached a resolution with Vale Australia.
The two parties were in dispute over their rights to the Isaac Plains coal mine. IP Coal has agreed to enter into a lifting agreement with Vale Australia effective until June next year.
Aquila placed its shares in a trading halt yesterday pending a resolution with Vale for the Isaac Plains coal mine.
In the 6 months to Dec 2011, Aquila reported a net loss of $30 million.
