Xstrata had been studying the potential for the development of the Balaclava Island Coal Export Terminal (BICET) prior to its merger with Glencore.
“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,” Glencore Xstrata said.
The company said in the long term it believed Queensland would need to increase its coal export capacity.
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