Glencore has deserted plans to develop the A$2bn ($1.3bn) Valeria coal mission in Bowen Basin, Queensland, Australia, citing growing international uncertainty.
The transfer was additionally pushed by the Queensland authorities’s resolution to extend coal royalties.
Glencore plans to withdraw the Valeria mission from the present approvals course of. It’s going to then place the mission below overview.
The location would have a manufacturing capability of as much as 20Mtpa run-of-mine coal and an operational lifetime of round 37 years.
Glencore was quoted by Bloomberg as saying: “This resolution has been made within the present context of elevated international uncertainty and is in keeping with Glencore’s dedication to a responsibly managed decline of our international coal enterprise and our ambition of being a net-zero complete emissions enterprise by 2050.”
As a part of the mission, Glencore deliberate to develop a greenfield open-pit thermal and metallurgical coal mine.
The mine is positioned almost 27km north-west of Emerald within the Bowen Basin. Development on the mission was deliberate to start in 2024.
It was anticipated to create 1,400 jobs through the building part and 1,250 jobs as soon as operational.
Glencore was quoted by Miningweekly.com as saying: “We’ll proceed to progress numerous brownfield coal extensions at current mines in Australia, however be aware that throughout the subsequent 4 years our Liddell, Newlands and Integra mines will shut and bear acceptable rehabilitation.”
