The company stated that it has decided to cease its work on Balaclava Island Coal Export Terminal (BICET).
It also added that excess port capacity in Queensland, specific shipping limitations and concerns about the industry’s medium-term outlook has prompted the company to shelve the project.
Glencore Xstrata estimated an export capacity of 35 million tons a year from the facility.
Australia has to further its coal export capacity in an efficient and internationally competitive manner in the long term with increasing demand for coal in Asia, the company added in its statement.
