Australian miner, Aquila Resources, has announced that a pre-feasibility study of the proposed Belvedere coking coal project in Queensland indicates a cost of about $2.81 billion to build.
Aquila has a 24.5 per cent interest in the project. Brazilian mining company Vale owns 51 per cent and conducted the study. Vale has an option to buy Aquila's interest at "fair market value" although it has yet to indicate whether or not it will exercise its option.
Construction of the mine could commence in 2014 with the first coal mined in 2016.
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