Independent Cement and Lime (ICL) has scrapped plans to build a cement storage and distribution plant in New South Wales, Australia, amid market and economic uncertainty.

Last year, ICL received approval to build the facility on a section of the former BHP steelworks site at Mayfield at the Port of Newcastle.

However, ICL has now told port officials it no longer plans to proceed as the A$37m project is no longer viable. A spokesperson for ICL said market circumstances and economic conditions have forced the company’s hand, according to reports by local press.

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