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. It has recently commissioned a new steel manufacturing complex in Zhanjiang, Guangdong province, which is expected to ramp up to approximately 10 million tonnes of annual production. 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 Aurizon, which is Australia’s largest rail freight business, transporting more than 250 million tonnes annually. Aurizon owns and operates one of the world’s largest coal rail networks, linking more than 50 mines with three major ports in Queensland. It is also Australia’s largest iron ore haulier outside the Pilbara.
Aquila is working with its joint venture partner South32 in the Eagle Downs Coal Joint Venture, to develop the Eagle Downs Metallurgical Coal Project, 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.
Simultaneously, Aquila (together with its joint venture partner in the API joint venture) is also working on mining and logistics infrastructure solutions required to deliver the West Pilbara Iron Ore Project (WPIOP) on a cost-competitive basis.