A mining multinational will prioritise overseas fossil fuel projects over new Australian developments.
Glencore recently shifted its focus away from new domestic coal developments towards more offshore operations.
The proponent has already postponed its $1 billion Glendell Coal Expansion (99km northwest of Newcastle) and cancelled the $1.5B Valeria Coal Project (324km northwest of Rockhampton). The Glendell extension was previously rejected by the New South Wales Independent Planning Commission over heritage concerns.
The company’s chief executive blamed the New South Wales Government for imposing too many regulatory hurdles. He also criticised the Queensland Government’s new tiered royalty rates of up to 40 per cent, once the average coal price per tonne exceeds $300.
“There is a finite pool of capital that is allocated to projects around the world and Australia has probably become a less obvious place to invest incremental capital over the last 12 months,” CEO Gary Nagle said according to News Limited.
The employer will instead invest more in Canada-based developments where the gap in the market is “opening up”. It also plans to make further progress towards achieving its 2050 net zero emissions targets.