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Anglo-Swiss commodity trading and mining company Glencore PLC has scrapped plans for a huge coal mine in the Australian state of Queensland.
Mining at the Valeria open pit mine, which would have produced up to 20 million tonnes of thermal and metallurgical coal annually for 37 years, was due to begin in 2024
The company cited global uncertainties for the decision to abandon the project as well as the Queensland government’s decision to increase royalties on coal.
It also said the move was in line with its strategy to reduce greenhouse gas emissions generated by the group. Glencore aims to cut emissions by half by 2035, with a net-zero target by 2050.
The Swiss-based group had recently said it would close 12 coal mines by 2035.
Glencore operates 26 coal mines, most of them in Australia, according to its website.
source: dpa
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