Glencore has decided 8.12.22 not to proceed with the $1.5b...

Glencore has decided 8.12.22 not to proceed with the $1.5b Valeria thermal & met coal mine in Qld. One reason they gave is Qld.'s increased coal royalties, now the highest in the world.

This is bad news for:-
. the Australian energy industry
. 2650 local jobs
. economic growth
. increasing energy supplies
. facilitating lower energy retail prices in Australia.
. protecting democracy & "Energy Security" in the EU, UK, Japan, Taiwan etc.They strongly oppose Russia's brutal invasion, implied nuclear threats etc., & Russia's attempts to weaponise energy.
. Australia's reputation as a possible Sovereign Risk country for investors.

...but possibly good news, eventually, for STO. Will the incompetent ALP State & Federal govts. be "deterred" from adopting risky, avaricious, anti-investor, & anti fossil fuel policies? I suspect the ALP will be chastened.

abc.com 8.12.22 J. Hines said

"In June, the Queensland Government also decided to increase coal royalties, introducing three new progressive tiers for prices above $175 a tonne.

The increase has been the subject of vocal opposition from the mining industry.

The Glencore spokesperson said the "abrupt" decision had "damaged investor confidence, increased uncertainty and raised a red flag with key trading partners".

"Governments are already benefiting from higher royalty and corporate tax revenue from the Australian coal sector," the spokesperson said.

Local mayor disappointed

Central Highlands Regional Council mayor Kerry Hayes said Glencore had let the council know the project would not be proceeding."Obviously it's disappointing … [because of] the magnitude of the mine..." ".

https://www.abc.net.au/news/2022-12-08/glencore-valeria-coal-mine-canned/101747486