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INTERCEPTS Thu 24/04/2014

Another Vale strike

3rd Apr 2012

BRISBANE, Apr 3 – The Court of Appeal in Queensland has dealt another blow to Vale Belvedere, the wholly owned subsidiary of Vale SA, in its dispute with Aquila Resources over the Belvedere hard coking coal project in Queensland, Australia.

The court dismissed with costs Vale’s appeal against a Supreme Court decision in July last year striking out its statement of claim. Vale has been fighting since September 2010 over the valuation of its option to acquire a 24.5% interest in the Belvedere project held by Aquila through BD Coal.

Aquila says the decision by Vale to pursue court action, rather than follow resolution processes set out in the Belvedere Joint Venture Agreement, has delayed the resolution of the dispute.

 

HighGrade

Also in the March 28 - April 3, 2012 edition

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Oh Captain my Captain