Aquila Says Isaac Plains Misses Two Further Coal Shipments

Aquila Resources Ltd. (AQA), an Australian coal producer, missed two further shipments from its mine in Queensland state as talks with joint venture partner Vale SA (VALE) over shipping remain deadlocked.

The company doesn’t anticipate any shipments before the end of the quarter, Perth-based Aquila said today in a filing. Sales for the quarter will be 141,740 metric tons, it said.

Vale and Aquila haven’t been able to agree on shipping schedules after a previous arrangement ended in November under which Vale marketed coal from Isaac Plains. A customer canceled a shipment earlier this month, Aquila has said.

“Isaac Plains currently continues to produce coal and coal stocks at Isaac Plains are building up,” Aquila said. “It is now likely that stockpile limits will be reached in early July.”

Aquila rose 2.2 percent to A$7.51 at 10:24 a.m. Sydney time on the Australian stock exchange.

To contact the reporter on this story: Elisabeth Behrmann in Sydney at ebehrmann1@bloomberg.net

To contact the editor responsible for this story: Andrew Hobbs at ahobbs4@bloomberg.net

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