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South32 Drops Out Of Eagle Downs Metallurgical Coal Project In Queensland

Australian mining and metals company South32 Limited (SOUHY.PK,SHTLF.PK) said it has determined not to proceed with the Eagle Downs metallurgical coal project in Queensland after deciding it is not financially viable.

South32 noted that the project has been placed on hold while the partners assess options that may include the divestment of the company's 50% interest.

The Eagle Downs Coal Project is a project proposed by Aquila Resources and South32. The project is located 25km south east of Moranbah in Queensland's Bowen Basin, Australia.

South32's Illawarra metallurgical coal mine in New South Wales has increased production by 11 percent in the December 2020 half year to 4.1 million tonnes as the operation continued to benefit from the return to a three longwall configuration.

Worsley Alumina saleable alumina production increased by 4% to 2.01 million tonnes in the December 2020 half year, with the refinery benefitting from improvement initiatives that supported output above nameplate capacity of 4.6 million tonnes (100% basis). Production guidance for fiscal year 2021 remains unchanged at 3.965 million tonnes with calciner maintenance scheduled in the March 2021 quarter.

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