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Aquila Resources Plans Pilbara Funding by Mid-2011, Financial Review Says

By Angus Whitley -

Aquila Resources Ltd. plans to arrange financing for the A$5.8 billion West Pilbara iron ore project by the middle of 2011 in order to start construction in the third quarter, the Australian Financial Review reported, citing an interview with Chairman Tony Poli. Aquila, which owns 50 percent of the project, may be able to borrow A$2 billion from China Development Bank Corp. and other institutions, Poli told the newspaper.

To contact the reporter on this story: Angus Whitley in Sydney at awhitley1@bloomberg.net

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