Australia’s Aquila Resources said Sumitomo will not acquire an interest in undeveloped coal mining leases it owns in the eastern part of the country. The two firms entered into a memorandum of understanding last April that gave Sumitomo the right to acquire a 20%-50% interest in 21 of Aquila’s Queensland mining sites. A local Sumitomo unit said the company is not in a position to pursue the matter, citing a downturn in coal prices.