Sumitomo Corporation, the Japanese conglomerate, thought it had spotted a bargain.
It was late 2011 – the height of Australia’s mining boom – when the Tokyo-based trading house approached Tony Poli, the founder of mid-tier miner Aquila Resources with an offer.
Will you offer us a hand? Every gift, regardless of size, fuels our future.
Your critical contribution enables us to maintain our independence from shareholders or wealthy owners, allowing us to keep up reporting without bias. It means we can continue to make Jewish Business News available to everyone.
You can support us for as little as $1 via PayPal at [email protected].
Thank you.
Mr Poli initially assumed their interest lay in its Washpool coking coal project. But it soon became apparent it was Isaac Plains, at the time Aquila’s only producing mine, that was in its sights…
Read the full story: click here
Sydney Morning Herald, by Perry Williams