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Reuters reported Aquila Resources (ASX:AQA) is scrambling to cut planned spending on an Australian iron ore project after cost estimates jumped a quarter to A$7.6 billion.
Reuters reported Aquila Resources (ASX:AQA) is scrambling to cut planned spending on an Australian iron ore project after cost estimates jumped a quarter to A$7.6 billion.
As quoted in the market news:
Aquila aims to build a mine, rail and port in Western Australia with annual iron ore production of 30 million metric tons, but its half-owned project is under pressure due to weak Chinese steel demand, soaring capital costs and a strong local dollar.
The West Pilbara Iron Ore project is one of the biggest in a $250 billion pipeline of planned mining investments in Australia that may be frozen or delayed as bankers get nervous about the outlook for iron ore and coal, and escalating costs.
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