China’s Baosteel and freight rail company will compulsorily acquire the rest of Aquila after taking their stake past 90%

Baosteel and Aurizon now control more than 90 per cent of Aquila Resources and will move to compulsorily acquire the rest of its shares.

The bidders gained control last week when Aquila chairman and co-founder Tony Poli resigned and relinquished his 28.9 per cent stake.

The BRW Rich list member collected $400 million for his stake.

Major China steelmaker Baosteel’s chairman Zhihao Dai said the company now looked forward to the developing Aquila’s major assets, the West Pilbara Iron Ore Project and Eagle Downs Hard Coking Coal Project in Queensland.

Aquila was forced into the $1.4 billion takeover because it had been unable to agree with its partners Posco and AMCI about how to progress the $7.4 billion West Pilbara project.

The new owners will now have to face that funding challenge to finish the new mine and build infrastructure including rail and a deepwater port at Anketell to export the iron ore from its 2017 target.