Glencore Xstrata to scrap plans for Australia coal export terminal
PERTH May 13 (Reuters) - Glencore Xstrata will stop work on a planned 35 million tonnes per annum coal export terminal on Australia's Balaclava Island as a result of poor coal market conditions, the company said on Monday.
"This decision has been made as a result of the poor current market conditions in the Australian coal industry, excess port capacity in Queensland, specific shipping limitations and concerns about the industry's medium-term outlook," it said in a statement.
The decision was made following a review of the project after Xstrata's merger with Glencore.
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