Aquila Resources Ltd. (AQA.AU) said Tuesday a study estimates it will cost about A$1.25 billion to develop its Eagle Downs coking coal project in Australia into a mine producing an average 4.5 million metric tons of the key ingredient in steel production over some 48 years.

The company said the project, which it equally owns with Vale SA (VALE), has a resource of 959 million tons and a reserve of 254 million tons. It is located in the coal-rich Bowen Basin in central Queensland, near the Peak Downs mine owned by a joint venture between BHP Billiton Ltd. (BHP) and Mitsubishi Corp. (8058.TO).

-By Robb M. Stewart, Dow Jones Newswires; +61 3 9292 2094; robb.stewart@dowjones.com

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