• Login
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
  • Home
  • News
    • General
    • Political
  • Economy
  • Business
    • Agribusiness
    • Aviation
    • Banking & Finance
    • Energy
    • Insurance
    • Manufacturing
    • Markets
    • Maritime
    • Real Estate
    • Tourism
    • Transport
  • Technology
    • Telecom
    • Cyber-security
    • Cryptocurrency
    • Tech-guide
    • Social Media
  • Features
    • Interviews
    • Opinions
  • Reports
    • Banking/Finance
    • Insurance
    • Budgets
    • GDP
    • Inflation
    • Central Bank
    • Sec/Gse
  • Lifestyle
    • Sports
    • Entertainment
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video
No Result
View All Result
No Result
View All Result
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
No Result
View All Result
Home Business

Glencore scraps $1.3 billion Australian coal project

3 years ago
in Business, Economy, Features, highlights, Home, home-news, latest News, Mining
1 min read
0 0
0
47
VIEWS
Share on FacebookShare on TwitterShare on Linkedin

RelatedPosts

Oil Prices Set for Dramatic Weekly Drop on Tariff Fallout

Manchester United Unveils £50 Million Upgrade to Carrington Training Complex Ahead of New Season

Formula 1’s Wild 2025 Season: Seat Swaps, Dramatic Comments, and Historic Podiums

Glencore scraps $1.3 billion Australian coal project

Miner and commodities giant Glencore (LON: GLEN) has shelved plans for a giant A$2 billion ($1.3 billion) coal mine in Australia’s Queensland state, which would have become one of the country’s largest.

The Swiss company said the decision to abandon the Valeria project was based on global uncertainties and an increase in state royalties, which have damaged investor confidence.

The move also fits with Glencore’s strategy to phase out emissions, which includes keeping its thermal coal mines until depletion by the mid-2040s. The company’s goal is to halve its scope 1, 2 and 3 emissions by 2035 and hit net-zero carbon emissions by 2050.

Peers including BHP (ASX: BHP) and Rio Tinto (ASX: RIO) are in the midst of a transformation away from carbon-emitting fossil fuels in favour of minerals necessary in the low-carbon energy transition, such as copper, nickel, lithium and cobalt.

Construction at the Valeria open pit metallurgical and thermal coal mine, which Glencore bought from Rio Tinto in 2018 as part of deal that included the Hail Creek project, was planned to begin in 2024.

It would have created 1,400 construction jobs and 1,250 operational posts and would have produced 20 million tonnes of coal a year over the mine’s 37-year life.

Another 12 mines short-listed

Glencore chief executive officer Gary Nagle had said earlier this week the firm was advancing plans to close 12 of its coal mines from 2019 to 2035.

“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 appropriate rehabilitation,” a company spokesperson said.

Glencore operates 26 coal mines, most of which are in Australia, according to its website.

Queensland, home to coal mines owned by BHP, Anglo American and Peabody Energy, ended in June a 10-year freeze on royalty rates and raised them to capture windfall profit.

Tags: Australian coal projectGlencoreGlencore scraps $1.3 billion Australian coal project
No Result
View All Result

Highlights

Aircraft Age Not a Factor in Fatal Z-9EH Crash, Says Bright Simons; Cautions Against Rushed Military Aircraft Procurement

US Slaps Tariffs on 1-Kg, 100-Oz Gold Bars

CDD-Ghana Mourns Victims of Military Helicopter Crash, Calls for Thorough Investigation

Tribute from CUTS International: “These Men Are Worth Our Tears”

World Bank Joins African Development Bank and Mastercard as Co-Chair of Mobilizing Access to the Digital Economy Alliance

OpenAI Launches GPT-5, Expands ChatGPT Power to 700m Users

Trending

Business

Oil Prices Set for Dramatic Weekly Drop on Tariff Fallout

August 8, 2025

Oil Prices Set for Dramatic Weekly Drop on Tariff Fallout Crude oil prices were headed for a...

Manchester United Unveils £50 Million Upgrade to Carrington Training Complex Ahead of New Season

August 8, 2025

Formula 1’s Wild 2025 Season: Seat Swaps, Dramatic Comments, and Historic Podiums

August 8, 2025

Aircraft Age Not a Factor in Fatal Z-9EH Crash, Says Bright Simons; Cautions Against Rushed Military Aircraft Procurement

August 8, 2025

US Slaps Tariffs on 1-Kg, 100-Oz Gold Bars

August 8, 2025

Who we are?

NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World

NorvanReports is a unique data, business, and financial portal aimed at providing accurate, impartial reporting of business news on Ghana, Africa, and around the world from a truly independent reporting and analysis point of view.

© 2020 Norvanreports – credible news platform.
L: Hse #4 3rd Okle Link, Baatsonaa – Accra-Ghana T:+233-(0)26 451 1013 E: news@norvanreports.com info@norvanreports.com
All rights reserved we display professionalism at all stages of publications

No Result
View All Result
  • Home
  • Business
    • Agribusiness
    • Aviation
    • Energy
    • Insurance
    • Manufacturing
    • Real Estate
    • Maritime
    • Tourism
    • Transport
    • Banking & Finance
    • Trade
    • Markets
  • Economy
  • Reports
  • Technology
    • Cryptocurrency
    • Cyber-security
    • Social Media
    • Tech-guide
    • Telecom
  • Features
    • Interviews
    • Opinions
  • Lifestyle
    • Entertainment
    • Sports
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
NORVANREPORTS.COM | Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.