Aquila Resources has been notified that the purchaser last week of 19 million shares in Aquila, approximately 4.6% of total shares on issue, is a party related to Baosteel Group Corporation.

Baosteel, which is one of China’s largest steel manufacturers, initially acquired a 15% interest in 2009 and has a representative on the company’s Board of Directors.

Aquila welcomes Baosteel’s increased shareholding and views it as a sign of continued support for the development of the West Pilbara Iron Ore Project and broader appreciation of the value that Aquila’s current share price represents.

With more than $500 million in cash and liquids, a high quality portfolio of assets and the Eagle Downs Hard Coking Coal project under construction, Aquila remains well positioned to capitalize on China’s ongoing demand for steel making raw materials.