Aquila Resources Limited (ASX:AQA) has announced two joint ventures (JV) that form part of the $6 billion West Pilbara Iron Ore Project are economically and technically feasible.
The coal producer says feasibility studies for the Mt Stuart Iron Ore JV and the Red Hill Iron Ore JV confirm the viability of two key iron ore suppliers to the project.
The confirmation brings Aquila closer to developing the iron ore resources of the West Pilbara region in Western Australia.
The Definitive Feasibility Study for the West Pilbara Iron Ore Project is expected to be finalised in the September quarter this year.
Shares in Aquila Resources finished 2.51 per cent higher yesterday at $2.86, though its share price has slumped about 50 per cent this year.
Aquila Resources reported a net loss of $30 million in the first half of 2012 financial year.