Aquila Resources has been notified that the purchaser last week of 19 million shares in Aquila, approximately 4.6% of total shares on issue, is a party related to Baosteel Group Corporation.

Baosteel, which is one of China’s largest steel manufacturers, initially acquired a 15% interest in 2009 and has a representative on the company’s Board of Directors.

Aquila welcomes Baosteel’s increased shareholding and views it as a sign of continued support for the development of the West Pilbara Iron Ore Project and broader appreciation of the value that Aquila’s current share price represents.

With more than $500 million in cash and liquids, a high quality portfolio of assets and the Eagle Downs Hard Coking Coal project under construction, Aquila remains well positioned to capitalize on China’s ongoing demand for steel making raw materials.
www.aquilaresources.com.au

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