Finance
Giant Glencore Mine Faces Threat as Fund Refuses Backing
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Glencore Plc’s plans for a giant new coal mine in Australia’s Bowen Basin may suffer a setback after key stakeholder UniSuper Management Pty said it won’t support the project.
The A$80 billion ($59 billion) pension fund told its investment partners that it won’t support the A$1.5 billion Valeria project as the economics “don’t stack up,” Chief Investment Officer John Pearce said in a University of Melbourne webinar Thursday night.