The Government of Australia has announced about the cancellation for lease of coal terminal at Newcastle port in Australia.
Port Waratah Coal Services announced that it would allow its lease for the T4 terminal to lapse when it expired next year because the capacity of existing terminals was likely to be sufficient for future growth in coal exports. The existing Port Waratah, Carrington and Kooragang terminals exported 105 million tons of coal in 2017 out of a total capacity of 145 tons. Green groups have welcomed the project shutdown as a sign of a broader trend away from fossil fuels in favor of renewables. The Port Waratah Coal Services solution will catalyze the transition from coal to renewable energy.
The main reason for stopping the project is the non-compliance with forecasts for the growth of thermal coal. Despite terminal 4 construction being halted, coal makes up the majority of Newcastle Port's volumes and will remain a significant part of Newcastle's future
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