South32 to Focus on Green Metals After Coal Project Axed
- Some miners balking at funding projects for steelmaking fuel
- Australia miner says it will focus on North America operations
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South32 Ltd. has abandoned plans to further develop an Australian metallurgical coal project and said it will shift investment to “metals critical to a low carbon future.”
The Australian company said Tuesday the expected returns from the Dendrobium Next Domain project south of Sydney would not justify the $700 million investment required to expand the existing mine. It’s the latest sign that some miners are turning away from funding projects to ramp up output of the fossil fuel that’s crucial in the steelmaking process.