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Aquila Resources Ltd (ASX:AQA) has announced capacity commitments at both its Wiggins Island Coal Export Terminal at Gladstone and the Washpool Hard Coking Coal Project.
Aquila says the Wiggins Island Coal Export Terminal has agreed to capacity commitments totalling 27 million tonnes per annum from eight coal producers.
The Washpool Hard Coking Coal Project has also made a capacity commitment of 1.6 million tonnes per annum in stage one.
The capacity commitments form the basis for Wiggins Island Coal Export Terminal to secure the funding for the initial stage one terminal development with financial close expected in the first half of 2011 and shipments from 2014.
Securing port and rail capacity is essential for the company's wholly-owned Washpool Hard Coking Coal Project and with the definitive feasibility study due for completion in the third quarter of 2011, the project is on track to become Aquila's second producing coal mine.
Aquila Resources posted a loss of $33.07 million for the year to June 30, 2010.
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