Glencore and Yancoal win approval for Hunter Valley coal expansion
Glencore Plc and Yancoal Australia Ltd. secured approval on Wednesday for a substantial expansion of their jointly owned coal mines in the Hunter Valley region of eastern Australia, extending operations until 2045. The New South Wales state planning commission granted clearance for the Hunter Valley Operations Continuation Project, following a six-year process, according to Yancoal.
This expansion will allow for the extraction of an additional 430 million tons of coal. Presently, the mines generate about 42 million tons annually, primarily for export to power plants and steel manufacturers, as stated by Glencore. The approval encompasses constraints on coal exports to nations with policies aligning with the Paris Agreement's emission reduction goals, a focus on maximizing renewable energy usage at the mines, and the purchase of extra carbon offsets, the Independent Planning Commission reported.
Glencore, based in London, holds a 49% ownership stake in the mines, while Yancoal holds the remaining 51%.
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