South32 Limited (ASX:S32) Chief Executive Graham Kerr has confirmed the company is set to walk away from the development of the Eagle Downs coking coal mine in Queensland, saying the time was not right to build the high-grade metallurgical coal mine. South32 released its December quarter production report on January 21, 2021, and Kerr said the company was "assessing its options". This included a possible divestment for its half of the $1.5 billion project. "Following completion of the Eagle Downs metallurgical coal feasibility study in the December 2020 quarter, we have determined not to proceed with the project at this time," South32 said.