API completed the Feasibility Study (FS) for Stage 1 of the West Pilbara Iron Ore Project (the “Project”) in June 2010. The FS reports the technical and financial viability of API’s proposed 30Mtpa Stage 1 development and a development decision by Aquila Resources & AMCI (APIJV Participants) is scheduled for the September Quarter 2010. Subject to statutory approvals and funding, construction could commence in the March Quarter 2012 with first shipments estimated early in Calendar 2014.