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The Greens have vowed to prevent expansion of existing coal mines but South32 boss Graham Kerr said mines supplying coking coal for steelmaking should be exempt

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...

By Reuters Staff (Adds Eagle Downs decision, manganese production, outlook) Jan 21 (Reuters) - Diversified miner South32 Ltd said on Thursday it was considering a possible divestment of its 50% interest in the Eagle Downs metallurgical coal project in Queensland, after deciding to put its development on hold. The company, which owns the project along with Chinese steelmaking giant China BaoWu Steel Group Corp, said development was halted as “expected returns (from the project) do not currently support the allocation of capital.” China BaoWu Steel did not immediately respond to a Reuters r...

South32 moves on from Eagle Downs coal project South32 has stepped away from the Eagle Downs metallurgical coal project in Queensland after deciding it’s not financially viable. The company completed a feasibility study at the site in the December quarter, which found potential for a long-life operation, but stated the returns were not in line with its capital management framework. “…the expected returns do not currently support the allocation of capital in accordance with our capital management framework,” South32 stated. The Eagle Downs coal project is a joint venture between South3...

South32 is set to walk away from its half-owned Eagle Downs metallurgical coal project in Queensland as the mining major edges further away from the coal business. South32 bought half of the Eagle Downs coking coal project from Brazil's Vale in 2018, paying $US106m ($148m) upfront and agreeing to deferred payments worth another $US27m. At the time South32 chief executive Graham Kerr said the mine - already fully permitted and partially built by its previous owners, but mothballed in 2015 when coal prices fell and a major contractor went bust - was an "attractive development option" to add ...