Notice a familiar pattern ?China pledged funding for Anketell...

Notice a familiar pattern ?

China pledged funding for Anketell before destocking mayham. Pulled funding afterwards. AQA shares went into free-fall. Further down the track, China lobs a low-ball bid for AQA (in total LIMBO) after mopping up shares for more than a year, now says we are ready.

China-Only outcome is a kiss of death it would appear.

http://www.theaustralian.com.au/business/mining-energy/china-still-keen-on-funding-aquila-iron-ore-project-in-wa/story-e6frg9df-1226441633066

China destocking in August 2012

https://au.news.yahoo.com/thewest/video/watch/18140322/

Aquila ends finance talks with China

The West Australian July 25, 2013, 9:26

Aquila Resources has abandoned talks with China Development Bank over funding for its $7.4 billion West Pilbara iron ore project, effectively putting any chance of a new iron ore export facility at Anketell Port on ice.

A joint venture between Aquila and American Metals and Coal International (AMCI), the West Pilbara project had been largely written off by industry observers because of its high capital cost and a dispute between the two companies over project expenditure.

Aquila chairman Tony Poli confirmed yesterday it had ended funding discussions with China Development Bank, which Aquila had hoped would bankroll its share of capital costs, and said the project was "going slow".

Mr Poli would not comment on Aquila's relationship with AMCI. The two have been at loggerheads over exploration and development budgets since the iron ore price crashed last year, with AMCI pushing for only minimum spending on the port, rail and mine plan.

Given that reluctance, it is unclear whether AMCI would have committed the funding required for its half share of the $7.4 billion West Pilbara project. AMCI was at one stage rumoured to be seeking a buyer for its stake.

The project could have provided a path to market for many Pilbara juniors with stranded deposits, as well as the 30 million tonnes a year Aquila planned to export. Many juniors have since sought other options including joining Iron Ore Holdings' planned port at Cape Preston or pursuing access to Fortescue Metals Group's rail lines.

Aquila had $591 million cash at June 30. Its shares closed steady at $2.09 yesterday.