Posted on 15 Dec 2022
Global miner Glencore has abandoned plans to develop a AUD 2 billion ($1.37 billion) mixed coking and thermal coal mine in Australia’s Queensland state, given increased global uncertainty, Kallanish notes.
The firm says it has decided to withdraw the Valeria coal project from the current approvals process and will place the project under review.
It says this decision has been made in the current context of increased global uncertainty.
It is also consistent with the firm’s commitment to a responsibly managed decline of its global coal business and its ambition of being a net zero total emissions business by 2050, it says.
“We will continue to progress various brownfield coal extensions at existing mines in Australia, but note that within the next four years our Liddell, Newlands and Integra mines will close and undergo rehabilitation,” the firm adds.
The Valeria coal project is located 27km north-west of Emerald in the Bowen Basin, Central Queensland.
Since acquiring the tenements from Rio Tinto Coal in 2018, the project has been developed by the Blair Athol joint venture. The project proponent is Valeria Coal, a subsidiary of Glencore Coal.
The project involves a metallurgical and thermal coal resource capable of producing up to 20 million tonnes/year of run-of-mine coal over a life of 37 years.
Source:Kallanish
