In a statement yesterday, Aquila said it was disappointed with the High Court’s decision but accepts that all remedies in respect of Aquila’s “change in control” dispute with AMCI have been exhausted.

The dispute began in February last year when Brazilian mining giant Vale bought AMCI and restructured its interests in the Australian Premium Iron Joint Venture and the Belvedere Coal Joint Venture, in which two Aquila subsidiaries respectively hold 50% interests.

Aquila argued the restructure had resulted in a change in control under the JV agreement, and triggered an option for Aquila to acquire the iron ore and coal interests.

However in December, Aquila’s court appeal was unsuccessful after the Queensland Supreme Court upheld its previous decision that the restructuring of AMCI interests in both JVs did not constitute a change of control, stopping Aquila from obtaining the option to purchase AMCI's interest in the project.

Aquila continues to support both JV projects and plans to bring both to production as soon as possible.

Shares in Aquila have gained 36c to $16.53 in early afternoon trade.