Bowen Coking Coal Ltd. has received approval to move ahead with its planned Isaac River Coal Mine.

Key industrial users of the fuel including steel mills and cement plants are demanding more discounts on coal purchases to help cover losses.

Glencore is one of the world’s top thermal coal exporters and Australia’s largest miner of the fossil fuel.

Measures follow an accident in late February at an open-pit coal mine that killed at least five and left 48 people missing.

Last year’s defeat for the EU and its allies on emissions cuts at COP27 has now set up what will be one of the hardest fights ahead of COP28.

Coal India reported a 17% decline in profits following a 12-times surge in provisioning for higher staff wages. 

Vedanta Resources said it has repaid $800 million worth of loans, another move that could assuage concerns about its liquidity.