By Paul-Alain Hunt.
Glencore Plc and Yancoal Australia have received approval for a major expansion of their jointly owned coal mines in the Hunter Valley region of eastern Australia that enables operations to continue until 2045.
The New South Wales state planning commission approved the Hunter Valley Operations Continuation Project on Wednesday after a six-year process, Yancoal said in a statement.
This will enable the extraction of a further 430 million tons of coal. The mines currently produce around 42 million tons a year for export to power stations and steel mills, according to Glencore.
The approval comes with obligations to “limit coal exports to jurisdictions that have policies for reducing greenhouse gas emissions consistent with the goals of the Paris Agreement, maximising the use of renewable energy at the mines, and purchasing additional carbon offsets,” the Independent Planning Commission said in a statement.
London-listed Glencore operates the mines with a 49% stake, while Yancoal owns the balance.
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