Aquila is an 85% owned subsidiary of Baosteel Resources, the commodities mining and trading arm of Baowu Group, a major Chinese state-owned enterprise and one of the largest steel producers in the world. With approximately 130 thousand employees globally Baowu Group has grown into China's most competitive steel producer with the highest level of modernisation. Baowu are committed to taking Aquila's projects forward and recognise the potential to create leading resource projects in Australia.
The remaining 15% of shares in Aquila are held by Mineral Resources, an innovative and leading mining services company with a growing world-class portfolio of mining operations across multiple commodities, including iron ore and lithium.
Aquila (together with its joint venture partner in the API joint venture) is working on mining and logistics infrastructure solutions required to deliver the West Pilbara Iron Ore Project (WPIOP) on a cost-competitive basis.
Aquila jointly owns the Eagle Downs Metallurgical Coal Project (together with its joint venture partner South32 in the Eagle Downs Coal Joint Venture), which is a fully permitted, partially developed, proposed underground longwall coal mine south of Moranbah in Queensland's Bowen Basin. Eagle Downs is expected to average 5.2Mtpa of hard coking coal over the first 15 years of full production from the initial Harrow Creek Upper (HCU) seam.