The company’s decision comes in response to declining coal prices and earlier than previously announced plans to close the project in late 2016 or 2017.
Glencore said it considered various options to extend the life of mine; however, current coal market and economic conditions have bogged down the efforts, reported Reuters.
It will stop development work at the mine in June with plans to suspend all mining activities in the mid-2016.
West Wallsend mine is located in the Newcastle Coalfields near Lake Macquarie, New South Wales, and is operated by Xstrata Coal (Australia)-owned Oceanic Coal Australia on behalf of Macquarie Coal Joint Venture (MCJV).
MCJV shareholders include Marubeni Coal, OCAL Macquarie and JFE Minerals (Australia).
