PERTH: Glencore Xstrata will stop work on a planned 35 million tonnes per annum coal export terminal on Australia's BalaclavaIsland 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.
