Sumitomo calls off Aquila link-up

Aquila Resources’ planned exploration joint venture with Japanese company Sumitomo has been called off. Sumitomo was going to acquire between 20-50 per cent of the Australia-listed energy company’s coal exploration project, but after the A$109m (£73m) valuation, Sumitomo decided not to proceed. “At A$109m, this valuation would likely seem expensive to Sumitomo given this is all early stage exploration,” said Investec.