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    GLEN   JE00B4T3BW64

GLENCORE PLC

(GLEN)
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Delayed London Stock Exchange  -  11:35:02 2023-01-31 am EST
541.20 GBX   -1.46%
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Glencore drops plans for new Australian Valeria coal mine

12/09/2022 | 01:06am EST

(Alliance News) - Anglo-Swiss commodity trading and mining company Glencore PLC has scrapped plans for a huge coal mine in the Australian state of Queensland.

Mining at the Valeria open pit mine, which would have produced up to 20 million tonnes of thermal and metallurgical coal annually for 37 years, was due to begin in 2024

The company cited global uncertainties for the decision to abandon the project as well as the Queensland government's decision to increase royalties on coal.

It also said the move was in line with its strategy to reduce greenhouse gas emissions generated by the group. Glencore aims to cut emissions by half by 2035, with a net-zero target by 2050.

The Swiss-based group had recently said it would close 12 coal mines by 2035.

Glencore operates 26 coal mines, most of them in Australia, according to its website.

source: dpa

Copyright 2022 Alliance News Limited. All Rights Reserved.

Stocks mentioned in the article
ChangeLast1st jan.
GLENCORE PLC -1.46% 541.2 Delayed Quote.-0.58%
GOLD 0.36% 1930.2 Delayed Quote.5.78%
S&P GSCI GOLD INDEX 0.32% 1133.15 Real-time Quote.6.54%
SILVER 0.38% 23.682 Delayed Quote.-1.38%
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Financials (USD)
Sales 2022 266 B - -
Net income 2022 21 011 M - -
Net Debt 2022 23 628 M - -
P/E ratio 2022 4,21x
Yield 2022 8,07%
Capitalization 86 149 M 86 149 M -
EV / Sales 2022 0,41x
EV / Sales 2023 0,42x
Nbr of Employees 135 000
Free-Float 81,8%
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Mean consensus BUY
Number of Analysts 18
Last Close Price 6,80 $
Average target price 7,77 $
Spread / Average Target 14,4%
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Managers and Directors
Gary Nagle Chief Executive Officer & Director
Steven F. Kalmin General Manager-Finance
Kalidas V. Madhavpeddi Chairman
Patrice E. Merrin Independent Non-Executive Director
Martin James Gilbert Independent Non-Executive Director
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