Aquila Resources Limited
(ASX:AQA) says it has resolved its budget dispute with joint venture partner AMCI regarding the West Pilbara Iron Ore Project.
The two parties referred their dispute to arbitration in September last year after not reaching consensus on a proposed budget for the current financial year.
At the same time, the project was moved to a minimum expenditure status.
Aquila says it has given notice to AMCI which it believes constitutes an end to the budgetary arbitration, whilst maintaining the project’s minimum expenditure status for the remainder of fiscal 2013.
Aquila reported a $238 thousand loss in the 2012 financial year.
