Aquila Resources Ltd (ASX:AQA) says an ongoing dispute with Brazil’s Vale is to blame for a delay in two coal shipments, possibly resulting in stockpile limits being reached by early July.
Aquila’s wholly-owned subsidiary IP Coal Pty Ltd and Vale are equal venture partners in the Isaac Plains Coal Mine in Queensland.
Both companies have failed to reach an agreement on how to conduct separate coal shipments from the mine that has shared ownership.
Aquila does not expect any further coal shipments before the end of the June quarter, and has forecast total sales for the quarter will reach around 141,740 tonnes.
While for the full 2011 financial year, IP Coal's sales are expected to reach around 793,000 tonnes.
Aquila Resources recorded a net loss of $33.07 million in the year 30 June 2010.
AQA Price at posting:
$6.80 Sentiment: None Disclosure: Held
