Mining and commodities group Glencore has abandoned plans for a massive coal mine in the Australian state of Queensland. Mining at the Valeria open pit mine should have started in 2024.

Glencore justified the move on Thursday with global uncertainties. In addition, the decision is in line with the strategy to reduce the greenhouse gas emissions caused by the group. Glencore aims to cut emissions in half by 2035; by 2050, the company has set a net zero target.

The Swiss-based group recently announced that it intends to shut down 12 coal mines by 2035. According to its website, Glencore operates 26 coal mines, most of them in Australia. According to earlier plans, the Valeria mine would have produced up to 20 million tons of coal per year. And that for around 35 years.