Takeover target Aquila Resources Limited (ASX:AQA) has advanced its West Pilbara Iron Ore Project by executing land access agreements for Native Title.
The Australian iron ore developer has now inked the agreements with the Kuruma Marthudunera native title claim group after starting negotiations in 2011.
The millstone moves Aquila closer towards a grant of the mining leases for Stage 1 and allows for the development of mine and rail infrastructure on native title claim areas.
Negotiations with the Puutu Kunti Kurrama and Pinikurra claim group are expected to be finalised in the September quarter of this year.
The company has also today announced the six month extension of an executive services agreement involving its CEO Anthony Poli and Omega Management Services.
The news comes after Chinese giant Baosteel and coal haulage company Aurizon Holdings Limited
(ASX:AZJ) launched a $1.4 billion takeover bid for Aquila in early May.
Aquila Resources reported a net loss of $590,000 in the first half of the 2014 financial year.
