South32 Drops Out Of Eagle Downs Metallurgical Coal Project In Queensland CANBERA (dpa-AFX) - Australian mining and metals company South32 Limited (SOUHY.PK, SHTLF.PK) said it has determined not to proceed with the Eagle Downs metallurgical coal project in Queensland after deciding it is not financially viable. South32 noted that the project has been placed on hold while the partners assess options that may include the divestment of the company's 50% interest. The Eagle Downs Coal Project is a project proposed by Aquila Resources and South32. The project is located 25km south east of Moranbah in Queensland's Bowen Basin, Australia.