Glencore scraps giant Aussie coal project on net-zero goals

Glencore says it won’t develop the A$2bil Valeria project in Queensland’s Bowen Basin. — Reuters

MELBOURNE: Glencore Plc abandoned plans for a controversial coal mine in Australia that would have been one of the largest in the top exporter, citing global uncertainty and its plans to phase out emissions.

The company won’t develop the A$2bil (US$1.3bil or RM5.7bil) Valeria project in Queensland’s Bowen Basin, it said.